Billionaire Gautam Adani and his nephew Sagar Adani have agreed to accept a legal notice from the U.S. Securities and Exchange Commission in a SEC civil fraud case. The lawsuit alleges that they misled investors about a bribery scheme. This step moves the SEC civil fraud case forward without procedural delays.
In a filing before a federal court in Brooklyn, New York, the SEC and U.S.-based lawyers for the Adanis confirmed the agreement. The lawyers will accept service of the regulator’s legal papers on behalf of the defendants. This decision removes the need for a judge to decide how the notice should be delivered.
The filing states that Gautam and Sagar Adani will respond to the SEC’s complaint within 90 days of receiving the papers. The agreement now awaits formal approval from the court.
Legal experts view this as a routine procedural move. It does not address the merits of the allegations, but it allows the case to proceed in an orderly manner. By accepting service, both sides avoid extended arguments over jurisdiction and notice.
The SEC’s civil lawsuit forms part of broader scrutiny of Adani-linked entities by U.S. regulators. The court will now set the next steps once it approves the stipulation.
