Five Adani group companies settle Sebi proceedings for ₹1.51 crore

The Securities and Exchange Board of India (SEBI) has reached a settlement over adjudication proceedings involving five Adani group companies, totaling a sum of ₹1.51 crore. The charges against the firms centered around alleged disclosure and compliance lapses, including issues related to related-party transaction (RPT) disclosures and the signing of audit reports without valid peer-review certificates.

Adani Enterprises was fined ₹76.05 lakh, Adani Green Energy paid ₹45.50 lakh, while Adani Total Gas, AWL Agri Business, and Adani Energy Solutions each settled for ₹9.75 lakh. The five companies resolved the proceedings without admitting or denying the findings, opting instead to pay the fines. The proceedings originated from a SEBI investigation into allegations of RPT disclosures and corporate governance issues, as highlighted in the January 2023 Hindenburg Research report.

The examination covered seven Adani group companies, with five of them ultimately settling the matter. Notably, Adani Enterprises faced allegations that RPTs between Adani Estates and a related party were not disclosed in the company's FY13 annual report, and that its audit report for FY15 and a limited review report for the June 2015 quarter were signed without a valid Peer Review Certificate.

Adani Total Gas and AWL Agri Business were cited for signing limited review reports without valid certificates in 2017, 2018, and 2021. Adani Green Energy's settlement related to its FY19 audit report and signed limited review reports for September 2018, December 2018, and June 2019. Adani Energy Solutions' proceedings centered around its June 2015 limited review report.

The companies proposed settlement in 2024, and SEBI's High Powered Advisory Committee approved the revised terms in June 2026. The companies remitted the payments in September, following which SEBI closed the proceedings. This settlement follows SEBI's dismissal of separate allegations concerning certain transactions involving Adani group entities a year prior.