Adani Pays ₹1.5 Crore To Settle Hidenburg Related Sebi Regulatory Probe

India West News Desk

MUMBAI- Five Adani Group companies have paid ₹1.5 crore collectively to settle cases brought by the Securities and Exchange Board of India (Sebi) over disclosure and audit-report compliance issues.

The Sebi proceedings followed the regulator’s wider review of Adani Group companies after the Hindenburg report made allegations concerning related-party transactions, corporate governance and possible listing violations.

The companies settled the cases without admitting or denying the allegations. Sebi said its high-powered advisory committee recommended the settlement, which was subsequently approved by its panel of whole-time members.

Sebi can still initiate or reopen enforcement action if information provided during the settlement is found to be false, settlement conditions are breached or an error is found in calculating the settlement terms.

The settlement involves Adani Enterprises, Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions.

Sebi’s cases included an allegation against Adani Enterprises that it had not disclosed certain related-party transactions in its FY13 annual report.

The reports covered various periods from 2015 to 2021 and involved the five companies. They included Adani Enterprises’ FY15 audit report and limited-review reports issued in 2015, 2017 and 2021, along with Adani Green Energy’s FY19 audit report and reports covering 2018-19. Adani Total Gas and AWL Agri Business were cited over December 2021 reports, while Adani Energy Solutions was cited over a June 2015 report.