Adani Group firms settle SEBI probe for ₹1.5 crore

The Securities and Exchange Board of India (SEBI) has settled adjudication proceedings against five Adani Group companies regarding alleged violations of disclosure and audit regulations. The companies collectively paid a settlement amount of approximately ₹1.51 crore to resolve the matters.

The proceedings were linked to investigations into corporate governance issues and undisclosed related-party transactions (RPTs) originally highlighted in a January 2023 report by Hindenburg Research. Specific allegations included the failure to disclose transactions between Adani Enterprises Ltd and its subsidiary, Adani Estates Private Ltd, as well as audit and limited review reports being signed by firms lacking valid peer review certificates between 2015 and 2021.

The settling entities and their respective payments are: - Adani Enterprises: ₹76.05 lakh - Adani Green Energy: ₹45.50 lakh - Adani Total Gas: ₹9.75 lakh - AWL Agri Business: ₹9.75 lakh - Adani Energy Solutions: ₹9.75 lakh

SEBI had previously issued show-cause notices to these firms in February 2024. The settlement order notes that the adjudication proceedings against these companies have been disposed of.