US SEC Seeks Joint Hearing in Adani, Former Azure Director Cases Over Shared Evidence
The United States Securities and Exchange Commission (SEC) has requested a New York court to consolidate civil cases involving Indian industrialist Gautam Adani and Cyril Cabanes, a former executive at Azure Power. Filed on December 5, the SEC’s application argues that the two cases are interconnected, with overlapping evidence and transactional links forming a common thread between the allegations.
While Cabanes faces charges under the US Foreign Corrupt Practices Act (FCPA), Adani and his nephew Sagar Adani have not been directly charged with FCPA violations. Their legal team, including prominent lawyers Mukul Rohtagi and Mahesh Jethmalani, has repeatedly emphasized this point. However, the SEC’s move to treat the cases as related has intensified scrutiny surrounding the Adani Group.
In its letter to the court, the SEC stated that consolidating the hearings would help provide a clearer understanding of the events and transactions in question. The agency has also requested that findings from the criminal case involving Adani be included in the civil proceedings’ records.
The allegations have had widespread repercussions. The Adani Group initially faced a massive loss of $34 billion in market value, though their stocks have since shown partial recovery.
On the global front, Kenya has already canceled two infrastructure projects linked to the Adani Group, while Andhra Pradesh is reportedly considering terminating a power contract with the conglomerate. French energy giant TotalEnergies has also decided to pause new financial contributions to Adani-related ventures until the matter is resolved.
Adding further complexity, the US International Development Finance Corporation is now reviewing its proposed $550 million funding for a Sri Lankan port project partially owned by Adani.
Back in India, the controversy has fueled political turbulence. The first week of Parliament’s winter session was disrupted, with opposition parties demanding a thorough investigation into the allegations and Adani’s alleged proximity to Prime Minister Narendra Modi.
The case, now entangled in economic, political, and international dimensions, remains a focal point of global attention.
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