A 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 arise from similar charges and deals, aiming to promote judicial efficiency and avoid conflicting schedules.
Cases include:
- United States v. Adani et al – Criminal case against Adani.
- Securities and Exchange Commission (SEC) v. Adani and others – A civil case involving securities violations.
- SEC v. Cabanas – A civil case involving other persons accused in this matter.
All three cases will now be assigned to District Judge Nicholas G. Garoufis, who is overseeing the criminal case against Adani. The court staff has been instructed to implement the reassignment of these cases.
Billionaire Gautam Adani and several others accused by U.S. authorities of paying $250 million in bribes to win solar power contracts could try to resolve the charges through arbitration during appeals. The US Securities and Exchange Commission (SEC) has also filed parallel civil charges, intensifying the group's legal woes.
The charges center around misleading US investors and institutions to obtain billions in funding, triggering a five-count felony charge under the Foreign Corrupt Practices Act (FCPA).
The Adani Group has denied the allegations, saying, “We are a law-abiding organisation, fully compliant with all laws.” A spokesman emphasized that the indictment is based on allegations, and defendants are presumed innocent until proven guilty. The group is committed to exploring all legal options to defend itself.
The case marked another significant blow for Adani, which in January 2023 faced allegations of stock manipulation and abuse of tax havens by Hindenburg Research. The report wiped $150 billion off Adani Group's market value. The group had denied all allegations made by the US short seller.