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What is the story about?
The US Securities and Exchange Commission wants a district judge to pave the way for them to issue legal summons to Adani Group Chairman Gautam Adani, and his nephew Sagar Adani, according to a Bloomberg report.
The SEC has asked US District Judge Nicholas Garaufis in Brooklyn, New York, on Wednesday, to let it use alternative measures to ensure that both Gautam and Sagar Adani are made aware of the legal action against them, the report stated.
Bloomberg, in its report, cites the US regulator stating that it has made repeated efforts to get assistance from the Indian government to deliver summons, but in vain.
The SEC wants to formally notify the Adani's US-based lawyers at Kirkland & Ellis and Quinn Emanuel Urquhart & Sullivan and counsel at Hecker Fink, which the agency says is representing Sagar. The report goes on to state that Gautam Adani has been using diplomatic and other channels to have cases against him and Sagar Adani resolved over the last one year.
CNBC-TV18 has not independently verified the story.
Shares of Adani Enterprises have slumped to the lows of the day, currently trading 4% lower at ₹2,006.1. Adani Ports too, is trading with losses of 2.6% on Friday at ₹1,378. Adani Green Energy shares are down over 5%, while Adani Power trades with losses of 2%.
The SEC has asked US District Judge Nicholas Garaufis in Brooklyn, New York, on Wednesday, to let it use alternative measures to ensure that both Gautam and Sagar Adani are made aware of the legal action against them, the report stated.
Bloomberg, in its report, cites the US regulator stating that it has made repeated efforts to get assistance from the Indian government to deliver summons, but in vain.
The SEC wants to formally notify the Adani's US-based lawyers at Kirkland & Ellis and Quinn Emanuel Urquhart & Sullivan and counsel at Hecker Fink, which the agency says is representing Sagar. The report goes on to state that Gautam Adani has been using diplomatic and other channels to have cases against him and Sagar Adani resolved over the last one year.
CNBC-TV18 has not independently verified the story.
Shares of Adani Enterprises have slumped to the lows of the day, currently trading 4% lower at ₹2,006.1. Adani Ports too, is trading with losses of 2.6% on Friday at ₹1,378. Adani Green Energy shares are down over 5%, while Adani Power trades with losses of 2%.
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