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SEC Moves To Consolidate Civil Cases Against Adani And Azure Power's Cabanes
- SEC requests NY court to merge civil cases against Gautam Adani and Cyril Cabanes, citing linked evidence.
- Market impact and international scrutiny intensify amid corruption allegations.
The SEC has petitioned a New York court to combine civil cases against Indian business magnate Gautam Adani and former Azure Power executive Cyril Cabanes. The December 5 filing argues these cases share connected evidence and transactions.
While Cabanes faces FCPA violation charges, neither Gautam Adani nor Sagar Adani have been directly charged with such violations. The SEC's consolidation request aims to provide a more comprehensive view of the cases and includes a motion to incorporate findings from Gautam Adani's criminal case into the civil proceedings.
The allegations have triggered significant consequences:
- Adani Group companies experienced a USD 34 billion market value decline
- Andhra Pradesh is considering terminating a power contract
- Kenya canceled two infrastructure projects
- Total Energies suspended new investments in Adani ventures
- US International Development Finance Corporation is reviewing a USD 550 million Sri Lankan port project funding
The controversy has also disrupted India's Parliament, with opposition parties demanding investigation into Adani's alleged ties with Prime Minister Modi.
