Adani Group entities settle SEBI governance violations for ₹1.51 crore

The Securities and Exchange Board of India (SEBI) has concluded adjudication proceedings against five Adani Group entities, resulting in a total settlement of ₹1.51 crore. The settlement addresses allegations regarding violations of corporate governance norms and failures to disclose related party transactions (RPTs).

The companies involved include Adani Enterprises Ltd. (AEL), Adani Total Gas Ltd. (ATGL), AWL Agri Business Ltd., Adani Green Energy Ltd. (AGEL), and Adani Energy Solutions Ltd. (AESL). In the case of AEL, SEBI noted that certain RPTs between its subsidiary, Adani Estates Private Limited, and Vakoder Investment Ltd. were not disclosed in the FY 2012-13 annual report.

Additionally, SEBI found that audit and limited review reports for these companies across various financial periods were signed by audit firms lacking Peer Review Certificates. The settlement was reached under the SEBI (Settlement Proceeding) Regulations, 2018, without the companies accepting or rejecting the findings of fact or conclusions of law. The settlement amounts include ₹76.05 lakh from Adani Enterprises, ₹45.50 lakh from Adani Green Energy, and ₹9.75 lakh each from Adani Total Gas, AWL Agri Business, and Adani Energy Solutions.