 Summary of this article
- Gautam Adani agreed to a $6 million settlement with the U.S. Securities and Exchange Commission over investor disclosure allegations
- The broader settlement totals $18 million, with Sagar Adani expected to pay the remaining amount
- Media reports say US prosecutors may also drop related criminal fraud charges against the Adani group
Gautam Adani has agreed to pay $6 million to the Securities and Exchange Commission (SEC) for allegations of breaking US securities rules by making false and misleading representations about Adani Green Energy Ltd. to US investors.
The complete settlement, subject to court approval, involves an $18 million penalty of which the balance $12 million will be paid by his nephew Sagar Adani, who was also facing the SEC claims.
According to multiple media reports, the US Justice Department is also likely to drop charges against Adani in a criminal fraud case which was brought on by prosecutors during the Biden Administration.
Big Relief For Gautam Adani? US May Drop Fraud Case, Move To Settle SEC Probe: Report
BY Outlook News Desk |
