U.S. Security and Exchange Commission Issues Summon to Adani

The U.S. Securities and Exchange Commission (SEC) has issued a summon to Indian billionaire Gautam Adani on the alleged fraud and bribery case after a federal court indicted him, news organisations have reported.

The summon requires a reply within 21 days. According to reports which referred to a court filing on Wednesday, the date for the 21 days deadline begins from the date of filing of the summon in a federal court in the Eastern District of New York. Apart from Gautam Adani, his nephew Sagar Adani too has been named in the summon, the report said.

The Adani group has denied the criminal charges as "baseless". However, the group now has to reply to the SEC.