The New York court has ruled to consolidate three ongoing cases involving Adani and others, ordering them to be heard together in a joint trial.
The court’s decision is based on the fact that these cases stem from similar allegations and transactions, aiming to promote judicial efficiency and avoid conflicting schedules.
The cases include:
- US v. Adani and others – the criminal case against Adani.
- Securities and Exchange Commission (SEC) v. Adani and others – a civil case related to securities violations.
- SEC v. Cabanes – a civil case involving other individuals accused in the matter.
All three cases will now be assigned to District Judge Nicholas G Garaufis, who is overseeing the criminal case against Adani. Court staff has been instructed to implement the reassignment of these cases.
Billionaire Gautam Adani and several others, accused by US authorities of paying $250 million in bribes to secure solar energy contracts, could seek to resolve the charges through settlements while pursuing appeals. The US Securities and Exchange Commission (SEC) has also filed parallel civil charges, intensifying the group’s legal troubles.
The allegations center around misleading US investors and institutions to secure billions in funding, triggering a five-count criminal indictment under the Foreign Corrupt Practices Act (FCPA).
The Adani Group has denied the allegations, stating, “We are a law-abiding organization, fully compliant with all laws.” A spokesperson emphasized that the indictment is based on allegations, and the defendants are presumed innocent until proven guilty. The group has committed to exploring all legal options to defend itself.
The case marked another significant hit for Adani, who faced accusations from Hindenburg Research in January 2023 of stock manipulation and misuse of tax havens. That report wiped $150 billion from Adani Group’s market value. The group had denied all allegations by the US short seller.