Five Adani companies settled enforcement proceedings with the Securities and Exchange Board of India for a combined ₹15.08 million, under a settlement order passed on 22 September. The applicants were Adani Enterprises, Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions. They settled without admitting or denying the regulator’s findings or legal conclusions. The order closes only the specified proceedings.
SEBI’s action followed examination of alleged related-party disclosure, audit-report and corporate-governance failures. The proceedings arose from SEBI's examination of related-party and governance issues highlighted in Hindenburg Research’s report, and are separate from earlier orders on other allegations. The settlement does not resolve every issue examined by the regulator.
DISCLOSURE AND AUDIT ALLEGATIONS
SEBI alleged that Adani Enterprises did not disclose related-party transactions between its subsidiary Adani Estates and Rehvar Infrastructure in its financial-year 2013 annual report. The regulator also examined audit and limited-review reports signed when the relevant audit firms lacked valid peer-review certificates.
The individual settlement amounts were ₹7.605 million for Adani Enterprises, ₹4.55 million for Adani Green Energy and ₹975,000 each for Adani Total Gas, AWL Agri Business and Adani Energy Solutions. SEBI confirmed receipt of the payments.
SETTLEMENT CAN BE REOPENED
The order does not constitute an admission of the alleged violations. SEBI retained authority to restore or initiate proceedings if representations made during settlement prove untrue, undertakings are breached or there was a discrepancy in arriving at the settlement terms.
Absent such a trigger, these specific adjudication proceedings are concluded.