Adani Group Companies Pay ₹1.5 Crore To Settle SEBI Proceedings
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Five Adani Group companies paid ₹1.5 crore to settle SEBI proceedings involving alleged disclosure lapses and governance issues. Read more for details.
Five Adani Group companies have settled proceedings with the Securities and Exchange Board of India (SEBI) by paying a combined ₹1.5 crore. The cases relate to alleged lapses in related party transaction disclosures and corporate governance requirements.
Adani Enterprises paid ₹76.05 lakh, the largest amount among the five companies. Adani Green Energy paid ₹45.5 lakh, while Adani Total Gas, AWL Agri Business, and Adani Energy Solutions paid ₹9.75 lakh each.
What Led To The Adani Group SEBI Proceedings?
The proceedings followed SEBI’s examination of matters highlighted in the Hindenburg report. The body conducted an investigation into possible violations of listing and disclosure regulations, specifically SEBI's LODR Regulations and the previous equity listing agreement.
One of the matters concerning Adani Enterprises involved transactions between Adani Estates Pvt Ltd, which is a subsidiary of the company, and Vakoder Investment, a related party. One of the allegations in SEBI's proceedings involves a failure to disclose the transactions in the annual report of the company for FY13.
The company also faced questions over audit and limited review reports signed by Dharmesh Parikh & Co LLP without a valid peer review certificate. Similar allegations concerned reports signed by Shah Dhandharia & Co LLP for certain quarters.
Adani Total Gas and AWL Agri Business were also involved in matters concerning limited review reports issued by the firm in December 2021 without a proper peer review certificate.
Other companies involved
The charges against Adani Green Energy included its FY19 audit report as well as limited review reports for September 2018, December 2018, and June 2019. SEBI alleged that these reports were signed by Dharmesh Parikh & Co LLP without a valid peer review certificate.
Adani Energy Solutions, formerly Adani Transmission, faced a similar issue involving its limited review report for the quarter ended June 2015.
The five companies have now settled the proceedings by paying the amounts specified in their respective settlement orders. The payments bring the SEBI proceedings against the five companies to a close.
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Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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