The US Securities and Exchange Commission and Indian businessmen Gautam Adani and Sagar Adani have jointly asked a US court for more time to file key briefs in a civil securities case, proposing a revised timeline for requests and responses.In a filing with the US District Court for the Eastern District of New York, the parties said they consulted consistent with the court’s April 7 directives and agreed to a new timeline, which was submitted for approval by Judge Nicholas J. Garaufis.The SEC had filed a lawsuit against Adani Group founder Gautam Adani and his nephew Sagar in November 2024, alleging that they misled investors by not disclosing an alleged bribery scheme linked to Indian government officials, framing the case under US securities laws.The two denied all allegations. Through their attorneys, on April 7, they filed a pre-motion letter scheduled for April 30, seeking to dismiss the fraud claim, arguing that the case represents an impermissible extraterritorial application of United States law and fails for lack of personal jurisdiction.Under the proposed schedule, the defendant’s (Adanis) motion to dismiss would be due by June 8, the SEC’s amended complaint or objections by August 7, and the defendants’ response by September 21.
The parties also suggested May 20, May 22, or May 29 as possible dates for a preliminary conference, subject to court availability.The request follows an introductory letter filed by the defendants on April 7, after which the court directed both sides to consult on next steps.In their expected motion to dismiss, Adanis is expected to argue that the court lacks jurisdiction because the claims relate to conduct outside the United States, that the alleged statements are too general for investors to rely on, and that they were not involved in a $750 million bond offering in 2021.The SEC filed the lawsuit in November 2024, alleging violations of US securities laws. A previous briefing schedule approved in January set April 30 as the deadline for the motion to dismiss, June 29 for the SEC’s response, and August 13 for the defendants’ response.The Adanis have denied the allegations and said they will ask for the case to be dropped. Gautam Adani is represented by Sullivan & Cromwell LLP, while Sagar Adani is represented by Nixon Peabody LLP and Hecker Fink LLP. The Securities and Exchange Commission is represented by its New York regional office.
