Adani seeks dismissal of SEC case, cites extraterritorial overreach, lack of jurisdiction

NEW YORK: (Apr 8) Billionaire Gautam Adani have moved a US court seeking dismissal of a US Securities and Exchange Commission's securities fraud lawsuit, arguing the case represents an impermissible extraterritorial application of US law and fails for lack of personal jurisdiction.

The SEC had sued Adani Group founder and his nephew, Sagar, in November 2024, alleging they misled investors by failing to disclose an alleged bribery scheme tied to Indian state officials, framing the case under US securities laws.

Denying all allegations, the two through their lawyers filed a pre-motion letter ahead of a planned April 30 motion to dismiss in the Eastern District Court of New York.