Adani group stocks surge up to 12% after this US court order in bribery case against Gautam Adani, nephew(Reuters / Amit Dave)AI Quick ReadAdani group stocks witnessed a sharp rally of up to 13% in Wednesday's trading session after a US court accepted the plea filed by the counsels of Guatam and Sagar Adani for a pre-motion conference to dismiss a securities fraud case brought against them over 15 months ago by the Securities and Exchange Commission (SEC).
All Adani group stocks traded higher following this development and amid a sharp rebound in the Indian stock market on the US-Iran ceasefire news.
Adani Green and Adani Total Gas led, with a 13% rise each. Meanwhile, the flagship Adani Enterprises shares gained 11%. Both Ambuja Cement and Adani Energy hit the 10% upper circuits, while Adani Ports, Adani Power, and ACC gained between 6-8%. Media stock NDTV gained 12% today.
In response to the plea filed by the lawyers of Gautam Adani and his nephew on Tuesday, the New York federal court said it has granted the request. The court also requested and directed the parties to confer and to contact the court's deputy to schedule the pre-motion conference.
The counsels for Gautam and Sagar Adani last evening said they intend to seek to dismiss the US SEC's complaint by April 30.
In the letter, the Adani lawyers set set out their grounds for dismissal of SEC's complaint, including that the court concerned lacks personal jurisdiction over the defendants and the claims against them, the SEC's claims are impermissibly extraterritorial, the alleged misstatements by the defendants are too vague and general for any reasonable investor to rely upon as a guarantee of any concrete fact or outcome, making them in-actionable, and the defendants' lack of involvement in the transaction bars the SEC's claims against them.
Gautam Adani is represented by Sullivan & Cromwell LLP, while Sagar Adani's counsel is Nixon Peabody LLP and Hecker Fink LLP.
The SEC had alleged that billionaire Gautam Adani and nephew, Sagar, among others, paid $250 million in bribes to unnamed government officials in India to secure favourable power-supply contracts for Adani Green Energy.
The regulators further claimed that when raising capital from American investors, the Adanis did not tell them about the alleged bribes while stating the company’s anti-bribery policies, thus misleading investors and committing securities fraud.
(With inputs from ANI)
Saloni Goel has over nine years of experience as a business journalist, with a strong track record of covering the financial markets. Over the course of her career, she has reported extensively on global and domestic equities, IPO market activity, commodities, and broader macroeconomic trends. Her reporting reflects a keen eye for detail, data-driven analysis, and the ability to spot emerging themes early.<br>
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