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US SEC: India has not yet served summons on Adani executives for a bribery case

A court filing on Friday showed that the U.S. Securities and Exchange Commission said Indian authorities had not yet acted upon its requests to serve summons and complains to Adani Group executives regarding alleged securities fraud and $265 million bribery schemes.

This is one of the highest-profile cases in which a U.S. regulator has attempted to get cross-border cooperation with Indian authorities on a matter that involves one of India's largest conglomerates.

The SEC informed a New York District Court that it had been in contact with India's Law Ministry in an effort to serve legal papers to Adani Group founder

Gautam Adani

His nephew

Sagar Adani

. The most recent communication it had with the Ministry was on 14 September, but there has not been a confirmation of delivery.

The filing stated that "The SEC continues to communicate with the India Ministry of Law and Justice and will pursue service of defendants via Hague Service Convention."

Both Adani Group executives are in India and neither is currently in U.S. custody.

Adani was accused of stealing millions from the Adani Group in an indictment that was unsealed by U.S. prosecutors last year in Brooklyn.

Bribing Indian officials

Convince them to purchase electricity produced by Adani Green Energy.

The SEC complaint claimed that executives misled U.S. shareholders by giving reassuring statements about the anti-graft policies of the company.

Adani Group and India’s Ministry of Law and Justice didn't immediately respond to comments. The Adani Group called the accusations "baseless" in the past and has said that it will pursue "all legal remedies." Adani Green Energy announced in January that it had hired independent law firms to examine the U.S. allegations. Reporting by Kanjyik and Nishit Ghosh from Barcelona, Bengaluru and Barcelona; editing by Louis Heavens

(source: Reuters)