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'SEC HAS NO JURISDICTION TO SUMMON ADANI'
The Daily Guardian
|November 25, 2024
Separate from the indictment brought by the US Department of Justice, the US SEC has also charged the two and Cyril Cabanes,
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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.
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.
The US SEC has no jurisdiction over foreign nationals and cannot send anything by post to them.
The 1965 Hague Convention and the Mutual Legal Assistance Treaty between India and the US governs such matters. These clearly lay out the established procedure to be followed in such requests.
The summons, which is part of the legal docket that SEC filed before a New York court, will take some time before it can actually be served on the Adanis, they said.
Diese Geschichte stammt aus der November 25, 2024-Ausgabe von The Daily Guardian.
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