Daijiworld Media Network - New York

New York, Apr 18: The US Securities and Exchange Commission (SEC) and Indian businessmen Gautam Adani and Sagar Adani have jointly sought additional time from a US court to file key submissions in an ongoing civil securities case, proposing a revised schedule for motions and responses.

In a filing before the US District Court for the Eastern District of New York, the parties stated that they had conferred as per the court’s April 7 directive and agreed on a new timeline, which has been submitted for approval to Judge Nicholas G Garaufis.

The SEC had filed a lawsuit in November 2024 against Gautam Adani and Sagar Adani, alleging failure to disclose an alleged bribery scheme linked to Indian state officials, in violation of US securities laws.

The Adani Group founder and his nephew have denied all allegations. In an April 7 filing, they sought dismissal of the case, arguing that it represents an extraterritorial application of US law and that the court lacks jurisdiction.

Under the proposed revised schedule, the defendants’ motion to dismiss would be due by June 8, followed by the SEC’s response by August 7, and the defendants’ reply by September 21. The parties have also suggested possible dates in May for a pre-motion conference, subject to the court’s availability.

Earlier, a schedule approved in January had set April 30 as the deadline for the motion to dismiss, June 29 for the SEC’s response, and August 13 for the reply.

The Adanis are expected to argue that the alleged statements were too general to influence investors and that they were not involved in a $750 million bond offering in 2021.

The case is being represented by law firms Sullivan & Cromwell LLP for Gautam Adani and Nixon Peabody LLP along with Hecker Fink LLP for Sagar Adani, while the SEC is represented by its New York regional office.