The lawyers representing billionaire Gautam Adani and his nephew Sagar Adani have made their first filing this week, fourteen months after US Securities and Exchange Commission (SEC) filed fraud charges against them.
On behalf of the Adanis, Sullivan & Cromwell LLP wrote a letter to a federal judge in New York on January 23, stating that they are negotiating a deal with US securities regulator to determine how the summons will be served and requesting the court to defer ruling while the parties engage in negotiations. However, the letter did not specify the terms being discussed.
The move followed the US securities regulator’s request to an American court to evade the Indian government and authorise them to personally summon Gautam Adani and Sagar Adani via email about the alleged fraud and a $265 million bribery scheme.
Meanwhile, as the news about US market regulator seeking to summon the Adanis broke, the Adani Group’s listed stocks plunged between 3.3% and 14.6%, or an overall of Rs 1 lakh in market capitalisation on Friday, January 24, 2026.
Adani Enterprises tanked 10.76% to Rs 1,861.80, while Adani Power, Adani Total Gas and Ambuja Cements fell around 5% each. ACC cements plunged 3% and New Delhi Television (NDTV) declined 4.5%.
The Indian Law Ministry had already received two summonses from the US securities regulator. On May 1, 2025, the Law Ministry refused the first summon that was sent in April 2025, citing the absence of a seal on the documents and an ink signature on the regulator’s cover letter, both of which are necessary under the Hague Convention.
To the second summon, which was sent in September 2025, the Law Ministry declined and, in December 2025, said that the law did not explicitly mention “summons.” “The Ministry appeared to suggest that the US securities regulator lacks authority to invoke the Hague Convention or seek service of the Summonses.”
In November, 2024, the US securities regulator had filed civil charges against the Adanis, alleging that they engaged in securities fraud related to $750 million bond issuance that brought in over $175 million from US investors. The Adani Group, however, called the allegations “baseless”.
In the meantime, Adani Green, on January 23, 2026, stated in a stock exchange fling, “the company is not a party to these proceedings, and no charges have been brought against it. Further, as clarified in our intimation to the stock exchanges dated November 27, 2024 (1:16:32hrs), the Defendants have not been charged with violation/(s) of the United States Foreign Corrupt Practices Act i.e. there are no charges of bribery or corruption against the Defendants. The SEC proceedings are civil in nature”.
