Adani Agrees to US Legal Notice in Fraud Case

Gautam Adani and his nephew Sagar Adani have agreed to receive a legal notice from the US Securities and Exchange Commission regarding a $265 million bribery and fraud case.

The US Department of Justice alleges that Adani Group executives bribed officials in India for solar energy contracts and misrepresented the company's anti-bribery practices to investors.

The Adani Group denies these allegations and has blamed the press for incorrect reporting.

The legal process involves a 90-day response period for the defendants, followed by potential opposition from the US market regulator.

The case has significantly impacted the Adani Group's market value, with shares falling by $54 billion.