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Stock Markets April 8, 2026

Gautam and Sagar Adani to Move to Dismiss U.S. SEC Civil Suit by April 30

Adani Green says the defendants filed a pre-motion letter asserting lack of U.S. jurisdiction and extraterritoriality grounds

By Caleb Monroe
Gautam and Sagar Adani to Move to Dismiss U.S. SEC Civil Suit by April 30

Adani Green Energy said on Wednesday that group chair Gautam Adani and his nephew Sagar Adani intend to seek dismissal of a civil action filed by the U.S. Securities and Exchange Commission in New York by April 30. The company said the defendants have filed a pre-motion letter and argued the court lacks jurisdiction, citing the alleged misconduct as having occurred in India and noting the bonds at issue were never listed on a U.S. exchange.

Key Points

  • Gautam Adani and his nephew Sagar Adani have filed a pre-motion letter seeking to dismiss the SEC's civil complaint in New York by April 30.
  • The defendants argue the court lacks jurisdiction and that the case is extraterritorial because the alleged conduct occurred in India and the bonds were never traded on a U.S. exchange - implications for legal and capital markets.
  • The SEC charged the two in November 2024 with arranging alleged bribes worth hundreds of millions of dollars to benefit Adani Green Energy; the alleged nondisclosure relates to a $750 million 2021 bond offering.

Adani Green Energy confirmed on Wednesday that Gautam Adani and his nephew Sagar Adani plan to ask a New York federal court to dismiss a civil complaint the U.S. Securities and Exchange Commission brought against them. The company said the defendants filed a pre-motion letter indicating their intention to move for dismissal and that they are prepared to appear for a pre-motion hearing if the court schedules one.

In the pre-motion filing, the defendants contend the court lacks jurisdiction over both Gautam and Sagar Adani. They identified additional grounds for dismissal tied to the complaint's asserted "extraterritorial nature," emphasizing that the Adanis and all alleged misconduct were located in India and that the bonds at the center of the dispute were never traded on a U.S. exchange.

Reuters on Tuesday reported that Gautam Adani planned to seek dismissal of the SEC case, citing his lawyers.

The SEC charged Gautam Adani and Sagar Adani in November 2024, accusing them of orchestrating a scheme of alleged bribes amounting to hundreds of millions of dollars to Indian officials to benefit Adani Green Energy. Both men serve as directors of Adani Green.

The SEC's securities fraud complaint is connected to an allegation that Adani Green failed to disclose the scheme in documentation for a $750 million bond offering completed in 2021. Adani Green Energy said it is not a party to the SEC proceedings and that no charges have been filed against the company.

No timetable for the court's response to the pre-motion letter was specified in the company's statement. The filing and the defendants' stated defenses focus on procedural and jurisdictional challenges rather than addressing the underlying allegations in the SEC complaint.

Given the filings, the next formal step identified by the defendants is the motion to dismiss, which they aim to have before the court by April 30. How the court will rule on questions of jurisdiction and extraterritorial application of U.S. securities laws was not addressed in detail in the company's announcement.

Risks

  • Jurisdictional uncertainty - the court must decide whether it has authority to adjudicate alleged misconduct that the defendants say occurred entirely in India, affecting legal precedent for cross-border securities enforcement.
  • Ongoing legal exposure for individuals - the SEC's conspiracy and bribery allegations against the named individuals could create continued legal and reputational risk for those involved, with potential knock-on effects for stakeholders in the energy and capital markets.
  • Market and disclosure uncertainty - the complaint centers on alleged nondisclosure in a $750 million bond offering, introducing uncertainty for bondholders and for secondary-market perceptions even though the bonds were not traded on a U.S. exchange.

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