The US Securities and Exchange Commission is suing the president Adani Group and his nephew, Sagar Adani, were allegedly involved in paying hundreds of millions of dollars in bribes to help Adani, while “falsely promoting the company’s compliance with anti-bribery principles and laws in connection with a $750 million bond offering.”
According to the document filed Wednesday in the Eastern District Federal Court in… New YorkThe summons requires a response within 21 days.
The lawsuit filed by the Securities Commission seeks to impose financial penalties, the details of which have not yet been disclosed, and restrictions on the Adani family that prevents its members from holding leadership positions in listed companies.
Adani Group representatives did not yet respond to a Reuters request for comment on Sunday.
The group denies the criminal accusations, calling them “baseless.”
The group’s chief financial officer said that the accusations are related to only one contract for Adani Green Energy, which represents about 10 percent of its business, and that no other companies in the group have been accused of violations.
