A US judge has granted a request by Gautam Adani to schedule a hearing on his motion to dismiss a fraud case filed by the US Securities and Exchange Commission, with his legal team arguing that the matter falls outside US jurisdiction and lacks sufficient legal basis.
Jurisdiction and Extraterritorial Reach Questioned
In filings before the Eastern District of New York, the defendants argued that the court lacks personal jurisdiction, stating they had no sufficient contacts with the United States and no direct involvement in the bond offering cited in the case. The bonds, they said, were issued outside the United States under Rule 144A and Regulation S exemptions and were initially sold to non-US underwriters.
The defence further contended that the SEC’s claims are impermissibly extraterritorial, noting that the securities were not registered with the SEC, were not traded on US exchanges, and that the alleged conduct occurred entirely in India. They argued that the regulator failed to establish any “domestic transaction”, a requirement under US securities law, and did not show where irrevocable liability was incurred within the United States.
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Allegations Disputed and Evidence Challenged
The SEC has alleged that Gautam Adani, Sagar Adani and others were involved in a bribery scheme exceeding USD 250 million between 2020 and 2024 to secure solar energy contracts in India. The defendants, however, said there is no credible evidence supporting these allegations.
They also argued that the complaint does not link either Gautam Adani or Sagar Adani to specific misleading statements or demonstrate intent to defraud. According to the filings, the alleged statements cited by the SEC are too general to be relied upon by investors and amount to non-actionable corporate optimism.
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The defence further stated that the SEC has not alleged any investor losses, adding that the bonds have matured and were fully repaid with interest in 2024.
Procedural Steps and Next Hearing
The defendants submitted a letter on April 7, 2026, indicating their intention to file a motion to dismiss by April 30, 2026, and expressed readiness to attend a pre-motion conference. The court granted the request and directed the parties to schedule the conference.
The filings also stated that Gautam Adani did not approve or draft any documents containing alleged misstatements and had no direct involvement with US investors. They added that Sagar Adani’s alleged involvement does not establish authority over the content of offering documents.
The case, originally filed in November 2024 alongside a criminal complaint by the US Department of Justice, alleges that the defendants concealed a bribery scheme from US investors while raising funds. The Adani Group has denied all allegations and said none of its entities or executives have been charged under the US Foreign Corrupt Practices Act.
