Adani Receives Relief in U.S. Court

Adani Group Chairman Gautam Adani has received relief in a U.S. court. A U.S. judge has granted permission to hear the petition filed by Gautam Adani and his relative Sagar Adani seeking dismissal of the case filed against them by the U.S. Securities and Exchange Commission (SEC). The Adani legal team argued that the case does not fall under U.S. jurisdiction and that the SEC has failed to present sufficient evidence on multiple grounds. The Eastern District Court of New York, in its order, stated that both parties must appear for the hearing on the motion to dismiss. The lawyers further contended that the SEC has not provided credible evidence to support allegations that the Adani Group used funds from U.S. investors to pay bribes in order to secure contracts in India.

The SEC had filed this case in November 2024, alleging that approximately $250 million was paid as bribes to certain individuals in India to secure solar energy project contracts. It also claimed that this information was not disclosed to U.S. investors and banks during the fundraising process for solar projects. However, the Adani Group has strongly denied all such allegations. Meanwhile, a positive sentiment prevailed in the stock market after the United States and Israel decided on a two-week ceasefire with Iran. In this backdrop, shares of Adani Group companies witnessed significant gains. Stocks such as Adani Green, Adani Energy Solutions, Adani Enterprises, Adani Total Gas, NDTV, Ambuja Cements, Adani Ports, ACC and Adani Power all registered notable increases.