Scroll’s occasional diarist chronicles some of the events in the second half of May.
May 15
“Adani settles SEC case, criminal charges set to be dropped — a 17-month legal battle winds down” – The Economic Times
Gautam Adani and his nephew Sagar agreed to pay a total of $18 million to settle Securities and Exchange Commission allegations they made false and misleading representations about Adani Green Energy Ltd.
Gautam Adani would pay $6 million and Sagar would pay $12 million to end the SEC’s November 2024 lawsuit, under the proposed agreement filed in federal court Thursday, which still needs a judge’s approval.
If finalized, the deal could be a significant boon to the Adani Group, the multinational conglomerate whose interests range from renewable energy to airports. The Justice Department is also moving to drop fraud charges against Gautum Adani in a parallel criminal case, Bloomberg News reported earlier.
May 14
“US Set to Drop Charges Against Indian Billionaire Accused of Fraud” – The New York Times
The reversal came after the Indian billionaire, Gautam Adani, hired a new legal team led by Robert J. Giuffra Jr., one of President Trump’s personal lawyers and the co-chairman of the prominent firm Sullivan & Cromwell.
Mr. Giuffra’s efforts on Mr. Adani’s behalf culminated in a previously unreported meeting last month at the...
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