Adani agrees to receive legal notice in US SEC civil fraud case, to respond in 90 days

NEW YORK/NEW DELHI: (Jan 31) Billionaire Gautam Adani and his nephew, Sagar Adani, have agreed to receive a legal notice from the US Securities and Exchange Commission in a civil fraud lawsuit alleging they misled investors about a bribery scheme, according to a court filing.

The stipulation is subject to court approval.

In a filing in a federal court in Brooklyn, New York, seen by PTI, the SEC and US-based lawyers for Gautam and Sagar Adani said the lawyers had agreed to accept service of the regulator's legal papers, removing the need for a judge to rule on how the defendants should be served.