Event Summary
Adani Green Energy Limited submitted a disclosure to the National Stock Exchange of India regarding the resolution of civil complaint No. 24-CV-08080 filed by the United States Securities and Exchange Commission (US SEC) against Mr. Gautam S. Adani and Mr. Sagar R. Adani.
Key Details of Legal Proceeding
- Court: United States District Court for the Eastern District of New York (US Eastern District NY Court)
- Case Number: 24-CV-08080
- Final Judgment Date: August 10, 2026
- Judgment Type: Final judgment entered on consent
- Company Status: Adani Green Energy Limited is not a party to this proceeding
Penalties Imposed
- Gautam S. Adani: Required to pay civil penalty of USD 6,000,000
- Sagar R. Adani: Required to pay civil penalty of USD 12,000,000
- Payment Deadline: Within 30 days after entry of Final Judgment (by September 9, 2026)
Legal Restrictions
Both directors are permanently restrained and enjoined from violating:
- Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder
- Section 17(a) of the Securities Act of 1933
The judgment prohibits them from employing any device, scheme, or artifice to defraud; making untrue statements of material fact; omitting material facts; or engaging in any fraudulent business practices in connection with securities transactions.
Settlement Terms
The directors consented to enter into the final judgment without admitting or denying the allegations made in the civil complaint. The judgment disposes of the SEC's civil complaint entirely.
Allegations Mentioned
The directors were alleged to have:
- Violated certain sections of the Securities Act of 1933 and Securities Exchange Act of 1934
- Aided and abetted Adani Green Energy Limited's alleged violation of the Securities Act of 1933 and Securities Exchange Act of 1934
Company Impact Assessment
The company explicitly states: "There is no material adverse impact on the financial, operation or other activities of the Company."