Adani notice to go via 'proper channel'; US SEC has no jurisdiction: Report

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Adani notice to go via 'proper channel'; US SEC has no jurisdiction: Report - Business Standard

Quick Summary:

US Securities and Exchange Commission (SEC) wants Adanis to explain their stand on allegations of paying bribes to secure lucrative solar power contracts but that request will have to follow the established protocol of routing it through the Indian Embassy in the US and following other diplomatic formalities, two sources aware of the matter said.

US SEC will have to serve the summons on Adani Group Founder and Chairman Gautam Adani and his nephew Sagar in the alleged USD 265 million (Rs 2,200 crore) payoffs through proper diplomatic channels as it has no jurisdiction to summon a foreign national directly, according to sources.

The 1965 Hague Convention and the Mutual Legal Assistance Treaty between India and the US governs such matters.