Gautam Adani and nephew Sagar settle SEC allegations for $18 million
Business
Gautam Adani and his nephew Sagar have agreed to pay $18 million to the US Securities and Exchange Commission (SEC), settling allegations that they misled investors during an Adani Green Energy bond deal.
The SEC claimed they hid details about bribery and compliance issues while raising money for a major solar project.
DOJ may drop charges against Gautam
Gautam will pay $6 million and Sagar $12 million.
Meanwhile, the US Department of Justice is looking at dropping criminal fraud charges against Gautam, which could help the Adani Group get back on track with international investors.
The company itself wasn't sued in this case.