Billionaire Gautam Adani has moved a US court seeking dismissal of a US Securities and Exchange Commission’s securities fraud lawsuit, arguing the case represents an impermissible extraterritorial application of US law and fails for lack of personal jurisdiction. The Adanis argued that the court lacked personal jurisdiction, saying neither of them had sufficient contacts with the US or direct involvement in the bond offering. The $750-million bond sale was conducted outside the United States under Rule 144A and Regulation S exemptions, with securities sold to non-US underwriters and only later resold in part to qualified institutional buyers. Do you think that United States is playing the role of international police ?
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