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(Sharecast News) - Shares in Adani Group companies slumped on Friday as US regulators sought to bypass their Indian counterparts and send summons to founder Gautam Adani and nephew Sagar Adani on bribery and fraud charges.
The US Securities and Exchange Commission has applied to a US district judge seeking permission to issue a legal summons to Adani Group chair Gautam Adani and the executive director of Adani Green Energy, Sagar Adani, according to court filings.
The case brought by the SEC, along with a criminal charge from the US justice department, alleges Gautam and Sagar sought to funnel more than $250m in bribes to Indian officials to secure solar contracts.
Billionaire Gautam Adani was indicted with seven other men in New York federal court in November 2024 on charges related to a massive bribery and fraud scheme.
India's Ministry of Law and Justice has twice refused last year to deliver the summons to the duo under the Hague Convention.
"The Ministry appeared to suggest that the SEC lacks authority to invoke the Hague Convention or seek service of the Summonses," the SEC said.
Reporting by Frank Prenesti for Sharecast.com
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