The US Securities and Exchange Commission’s (SEC) case against billionaire Gautam Adani has been temporarily paused due to the ongoing federal government shutdown, a Bloomberg report said.
The SEC had accused Adani of breaking American securities laws by giving false and misleading information about the Adani Green Energy Ltd. Officials said the lawyer handling the case could not continue working during the furlough caused by the shutdown.
US Magistrate Judge James Cho agreed to pause the proceedings and directed the government to submit an update within 30 days after the shutdown ends.
Criminal case still active, no court appearances yet
The criminal investigation though, remains unaffected, Bloomberg report said. US prosecutors in Brooklyn had charged Gautam Adani in November, accusing him of fraud and of helping carry out a $250 million bribery plan.
Adani’s nephew, Sagar R. Adani, and Vneet S. Jaain, both senior executives at Adani Green Energy, were also named in the five-count indictment for allegedly breaking federal laws.
In total, prosecutors charged eight individuals, including five others, with conspiring to violate the US Foreign Corrupt Practices Act (FCPA). So far, none of the accused or their lawyers have appeared in court.
The Adani Group has denied all the US allegations, calling them baseless. In June, Gautam Adani said that no one from his company had been charged with violating the FCPA or attempting to obstruct justice.