In addition, the final judgments, if approved by the court, would order Gautam Adani and Sagar Adani to pay civil monetary penalties of $ 6 million and $12 million, respectively, SEC said.
The US Securities and Exchange Commission (SEC) has sought the entry of final consent judgments against Gautam Adani and Sagar Adani, whom it had earlier accused of making false and misleading statements linked to a 2021 bond offering by Adani Green Energy Ltd.
According to SEC, without admitting or denying the allegations in the complaint, Gautam Adani and Sagar Adani each consented to the entry of final judgments, subject to court approval, that would permanently enjoin each from violating the US laws.
In addition, the final judgments, if approved by the court, would order Gautam Adani and Sagar Adani to pay civil monetary penalties of $ 6 million and $12 million, respectively, SEC said.
The SEC’s complaint, filed on November 20, 2024, alleged that Gautam Adani and Sagar Adani, respectively the founder and Executive Director of Adani Green, orchestrated a scheme to pay or promise to pay the equivalent of hundreds of millions of dollars in bribes to Indian government officials in exchange for commitments to purchase energy at above-market rates, thereby benefiting Adani Green, SEC said.
SEC said the complaint alleged that in September 2021, while the bribery scheme was ongoing, the defendants falsely touted Adani Green’s compliance with anti-bribery principles and laws in connection with a $750 million bond offering, which raised more than $175 million from US investors.
According to the complaint, Adani Green’s offering materials contained statements about its anti-corruption and anti-bribery efforts that were materially false or misleading in light of the bribery scheme, SEC said.
