SEC, Adani Group Jointly Seek Extension, Propose Revised Briefing Schedule in US Lawsuit
US Securities and Exchange Commission and Adani Group Seek Extension in Civil Securities Case
The US Securities and Exchange Commission (SEC) and Indian businessmen Gautam Adani and Sagar Adani have jointly requested a US court for more time to file key submissions in a civil securities case. In a filing before the US District Court for the Eastern District of New York, the parties proposed a revised schedule for motions and responses.
The SEC had sued Gautam Adani, the founder of Adani Group, and his nephew, Sagar Adani, in November 2024, alleging that they had misled investors by failing to disclose an alleged bribery scheme tied to Indian state officials. The case was framed under US securities laws.
The two defendants, through their lawyers, denied all allegations and filed a pre-motion letter ahead of a planned April 30 motion, seeking dismissal of a fraud lawsuit. They argued that the case represents an impermissible extraterritorial application of US law and fails for lack of personal jurisdiction.
| Original Schedule | Proposed Schedule |
|---|---|
| Motion to dismiss due by April 30 | Motion to dismiss due by June 8 |
| SEC's amended complaint or opposition due by June 29 | SEC's amended complaint or opposition due by August 7 |
| Defendants' reply due by August 13 | Defendants' reply due by September 21 |
The proposed schedule, which has been submitted for approval to Judge Nicholas G Garaufis, suggests that the defendant's motion to dismiss would be due by June 8, the SEC's amended complaint or opposition by August 7, and the defendants' reply by September 21. The parties also suggested potential dates for a pre-motion conference, subject to the court's availability.
The request follows a pre-motion letter filed by the defendants on April 7, after which the court directed both sides to confer on next steps. In their anticipated motion to dismiss, the Adanis are expected to argue that the court lacks jurisdiction because the claims concern conduct outside the United States, that the alleged statements are too general to be relied upon by investors, and that they were not involved in a USD 750 million bond offering in 2021.
The SEC filed the lawsuit in November 2024, alleging violations of US securities laws. The Adanis have denied the allegations and said they will seek dismissal of the case. Gautam Adani is represented by Sullivan & Cromwell LLP, while Sagar Adani is represented by Nixon Peabody LLP and Hecker Fink LLP. The SEC is represented by its New York regional office.
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