Billionaire Gautam Adani and nephew Sagar Adani contest US jurisdiction, seek dismissal of SEC lawsuit
April 8, 2026: A United States court has cleared the way for a pre-motion conference in the securities case against the Adani Group, where billionaire Gautam Adani and his nephew Sagar Adani have sought dismissal of a lawsuit filed by the US Securities and Exchange Commission. The order, issued by judge Nicholas G Garaufis of the Eastern District of New York, directs both parties to confer and schedule a hearing before any formal motion is filed.
The case, titled SEC v. Adani et al, stems from a complaint filed in November 2024, alleging securities fraud linked to a 2021 bond issuance by Adani Green Energy Ltd. The SEC claims investors were misled due to the alleged non-disclosure of a bribery scheme involving Indian officials. However, in their pre-motion letter, the Adanis argued that the US court lacks jurisdiction, stating that the bond sale—worth $750 million—was conducted outside the United States under regulatory exemptions and primarily involved non-US entities.
The defence further contended that the case is “extraterritorial,” as the securities were neither listed in the US nor issued by a US-based company, and the alleged misconduct occurred entirely in India. They also pointed out that the SEC has not cited any investor losses, noting that the bonds were fully repaid with interest in 2024. Rejecting bribery allegations, the defendants argued that the claims lack credible evidence and that statements cited by the SEC amount to general corporate optimism rather than actionable fraud. The upcoming pre-motion conference will determine whether the case proceeds further in court.