BLURB/INTRO: A New York judge will hear arguments to dismiss a $750 million SEC fraud lawsuit against the Adani Group.
NEW YORK
In a significant legal win for the Adani Group, a New York judge has agreed to hear arguments to dismiss a major fraud lawsuit.
Billionaire Gautam Adani and his nephew, Sagar Adani, are challenging a case brought by the U.S. Securities and Exchange Commission (SEC). This hearing gives them an early chance to prove the case should be thrown out entirely.
The dispute stems from a 2021 bond sale that raised $750 million for a renewable energy project. U.S. officials claim the group hid a plan to bribe Indian authorities to win solar energy contracts. However, the Adani legal team says there is zero credible evidence for these claims. They argue that because the business, the people, and the projects are all based in India, the U.S. government has no legal right to interfere.
A key part of their defense is that the bonds were not even sold on American exchanges. Furthermore, they pointed out that every single investor has already been paid back in full with interest. Since no one lost money and the deal happened across the world, they believe American laws simply do not apply.
The Adani Group remains firm, stating that their companies have followed all international rules. By granting this hearing, the court will now decide if the SEC has enough ground to move forward or if the case is an overreach of power. This meeting marks a crucial moment that could end the legal battle before a full trial even begins.
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Adani plans massive investment boost in Odisha
New Delhi
The Adani Group has announced a major investment of Rs 33,081 crore in Odisha, focusing on data, power, and cement projects. The move is expected to create around 9,700 jobs and support the state’s economic growth. Speaking at an event in Khordha, Karan Adani said the projects show a strong commitment to Odisha’s future. The first project is a data centre in Bhubaneswar with an investment of Rs 800 crore, aimed at supporting digital services and technology growth. The second and biggest project is a thermal power plant near Cuttack, worth Rs 30,181 crore, which will ensure steady electricity supply. The third project is a cement plant costing Rs 2,100 crore, expected to boost construction and infrastructure. Officials said these projects will strengthen industries, improve livelihoods, and help Odisha move towards long-term development goals.
