Overview
- The Eastern District of New York, which granted a pre-motion conference on Tuesday, cleared the way for Gautam and Sagar Adani to seek dismissal before Judge Nicholas G. Garaufis.
- The defense says the 2021 $750 million Adani Green bonds were sold outside the U.S. under Rule 144A and Regulation S to non‑U.S. underwriters, with only later resales to some U.S. institutions.
- Adani’s lawyers argue the court lacks personal jurisdiction and that the SEC has not pleaded a required domestic transaction under U.S. law for an overseas deal.
- They add that the SEC has not tied either man to a specific false statement or intent to defraud and that cited ESG and anti‑corruption claims amount to non‑actionable puffery.
- The SEC’s case, filed in November 2024 alongside related DOJ bribery allegations tied to Indian solar contracts, now heads toward a dismissal motion due by April 30 that could narrow the reach of U.S. securities rules over foreign offerings.