In November 2024, the SEC announced a Foreign Corrupt Practices Act enforcement action against Cyril Sebastien Dominique Cabanes (“Cabanes”) – a French citizen and resident of Singapore who was previously a member of the board of directors of Azure Power Global Limited (a Mauritius company with its principal place of business in India).
During the time period relevant to the enforcement action, Azure was a publicly traded company with shares traded on the New York Stock Exchange.
The enforcement action concerns alleged bribes paid to Indian officials to secure multi-billion dollar energy projects for Azure and another company Adani Green Energy Limited.
The SEC’s complaint alleged:
“Cabanes, formerly and at all times relevant, served as a Director on the Board of U.S. issuer Azure Power Global Limited (“Azure”), as a representative of the company’s largest stockholder, Caisse de dépôt et placement du Québec (“CDPQ”). CDPQ is a Montreal, Canada-based pension fund company established by the National Assembly of Quebec, and one of the world’s largest infrastructure investors.
While serving as an Azure Director, Cabanes, and others, schemed to make payments to state government officials in India as part of a massive bribery scheme to secure multi-billion-dollar energy projects for Azure and for another company, Adani Green Energy Limited.”
In a recent status report to the Judge James Cho (E.D.N.Y.) the SEC stated:
“Since the April 14, 2026 status update, the SEC has been engaging in discussions with representatives of the Defendant regarding a possible resolution of the matter. These discussions are ongoing. The SEC proposes that the Court order the next status report to be filed on or before January 20, 2027.”
The SEC’s FCPA enforcement against Cabanes concerns the same core conduct alleged in the DOJ’s 2024 enforcement action charging various individuals with FCPA and non-FCPA offenses.
In August 2026, Judge Nicholas Garaufis (E.D.N.Y.), after much back and forth, granted a DOJ motion to dismiss the non-FCPA offenses yet denied the motion to dismiss the FCPA offenses. In September, Judge Garaufis again denied the DOJ’s motion to dismiss FCPA offenses. Thereafter, the DOJ filed a petition in the Second Circuit requesting “that the Court swiftly issue a writ of mandamus directing [Judge Garaufis] to grant the government’s motion to dismiss the remaining counts of the indictment with prejudice.”
