Adani Group firms settle Sebi case on governance issues
The Adani Group has settled with Sebi, with companies like Adani Enterprises and Adani Green Energy collectively paying ₹1.5 crore over allegations concerning related party transaction disclosures and corporate governance practices. Notably, Adani Enterprises contributed ₹76.05 lakh to the settlement, responding to criticisms raised in the Hindenburg Report about the company's compliance with…
Mumbai: Adani Group firms have reached a settlement with market regulator Sebi, paying a combined total of ₹1.5 crore to resolve legal issues related to governance and related party transaction disclosures. The five companies involved in the settlement are Adani Enterprises, Adani Total Gas, AWL Agri Business, Adani Green Energy, and Adani Energy Solutions.
Each company paid varying amounts towards the settlement: Adani Enterprises paid ₹76.05 lakh, Adani Green Energy paid ₹45.5 lakh, while Adani Total Gas, AWL Agri Business, and Adani Energy Solutions each paid ₹9.75 lakh.
These proceedings stemmed from Sebi's examination of allegations raised in the Hindenburg Report, which scrutinized potential non-disclosure of related party transactions and corporate governance concerns within the Adani Group. The allegations specifically targeted Adani Enterprises for failing to disclose related party transactions between its subsidiary, Adani Estates Pvt Ltd, and Vakoder Investment, a related party of Adani Enterprises.
The company was also accused of using audit and limited review reports signed by Dharmesh Parikh & Co LLP and Shah Dhandharia & Co LLP without valid peer review certificates.
Similarly, Adani Total Gas and AWL Agri Business faced allegations surrounding unsanctioned limited review reports signed by Shah Dhandharia & Co LLP. Adani Green Energy was accused of using an audit report and limited review reports signed by Dharmesh Parikh & Co LLP without proper peer review certificates. Lastly, Adani Energy Solutions was alleged to have used a limited review report for a specific quarter signed by Dharmesh Parikh & Co LLP in the absence of a valid peer review certificate.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
