‘No Misconduct Proven’: Gautam Adani Seeks Dismissal of Case, Files Motion in US Court

New Delhi: Gautam Adani, Chairman of the Adani Group, has sought the dismissal of a securities fraud case filed against him in the United States. In a pre-motion letter filed in a US court on his behalf, Gautam Adani has argued that the allegations fail to demonstrate any form of misconduct and that the matter falls outside the jurisdiction of US courts. Consequently, he has requested that the securities fraud lawsuit—filed by the US Securities and Exchange Commission (SEC)—be dismissed.

Industrialist Gautam Adani and his nephew, Sagar Adani, are scheduled to file a formal motion in court regarding this matter on April 30. The aforementioned pre-motion letter has already been submitted in advance of this filing. Through this letter, Adani’s legal counsel has asserted that the allegations leveled by the US Commission—pertaining to a 2021 bond sale by Adani Green Energy Limited, the Adani Group’s renewable energy subsidiary—are legally flawed.

Gautam Adani and Sagar Adani have further argued in court that personal jurisdiction does not apply in this case, as neither individual had any ties to the United States, nor were they directly involved in the bond issuance process. These bonds, valued at $750 million, were sold outside the United States. The sale was executed through non-US underwriters, utilizing exemptions provided under Rule 144A and Regulation S; subsequently, a portion of these bonds was resold to Qualified Institutional Buyers.

Counsel for the petitioners have also contended that the US Commission’s complaint fails to allege that Gautam Adani authorized the bond issuance, attended key meetings, or directed any activities specifically targeting US investors. They argue that the case falls entirely outside the territorial limits of the United States. The securities in question are not listed in the US; the issuing company is based in India, and the entire transaction took place within India. A prerequisite for the applicability of US securities laws is the existence of a domestic transaction—a condition that the US Securities and Exchange Commission has failed to establish.

Lawyers for the Adani Group have cited past rulings by the U.S. Supreme Court, arguing that the Securities and Exchange Commission (SEC) has not alleged that any investor suffered financial loss. These bonds matured in 2024 and were fully repaid, including interest. While refuting the allegations of misconduct, the Adani Group stated in court that there is no credible evidence to substantiate these charges. The Group further argued that the statements regarding anti-corruption policies and corporate reputation—cited by the U.S. SEC—constitute nothing more than general corporate optimism, upon which an investor cannot legally rely.

Gautam Adani and Sagar Adani have also informed the court that they are prepared to personally attend the pre-motion conference, should it become necessary. The U.S. Securities and Exchange Commission filed a lawsuit against the Adani Group in November 2024. The U.S. The agency alleged that investors had been misled; This case has been filed under U.S. securities laws.