Five Adani Group Companies Settle SEBI Adjudication Proceedings for Rs 1.508 Crore
Five companies within the Adani Group have resolved adjudication proceedings initiated by the Securities and Exchange Board of India (SEBI) by paying combined settlement amounts totalling Rs 1.508 crore. The proceedings arose from SEBI’s examination of disclosure and corporate governance issues highlighted in the Hindenburg Report. The five applicant companies were Adani Enterprises Limited, Adani Total Gas Limited, AWL Agri Business Limited (formerly Adani Wilmar), Adani Green Energy Limited, and Adani Energy Solutions Limited (formerly Adani Transmission).
The adjudication proceedings concerned allegations of non-disclosure of related party transactions (RPTs) and possible violations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the erstwhile Equity Listing Agreement. In the case of Adani Enterprises, the specific allegations included the non-disclosure of RPTs involving Adani Estates Private Limited, a subsidiary of the company, and Vakoder Investment Limited, a related party, in its annual report for FY2013. Adani Enterprises was also proceeded against in connection with audit and limited-review reports allegedly signed without valid Peer Review Certificates, including an audit report for the financial year ended March 2015 and a limited-review report for the quarter ended June 2015, both attributed to Dharmesh Parikh & Co LLP, as well as limited-review reports for the quarters ended June 2017, September 2017, and December 2021, attributed to Shah Dhandharia & Co LLP. The proceedings against the remaining four companies similarly concerned audit and limited-review reports signed without valid Peer Review Certificates for specified financial periods.
The companies filed settlement applications under the SEBI (Settlement Proceedings) Regulations, 2018, proposing to resolve the proceedings without admitting or denying the findings of fact and conclusions of law. Following engagement with SEBI’s Internal Committee and submission of revised settlement terms, the High Powered Advisory Committee (HPAC) considered the matter at its meeting on June 29, 2026 and recommended specific settlement amounts: Rs 76.05 lakh for Adani Enterprises, Rs 9.75 lakh each for Adani Total Gas and AWL Agri Business, Rs 45.50 lakh for Adani Green Energy, and Rs 9.75 lakh for Adani Energy Solutions. SEBI’s Panel of Whole Time Members accepted these recommendations on August 13, 2026. Notices of demand were issued on August 20, 2026, and the companies confirmed remittance of the settlement amounts by email dated September 5, 2026.
SEBI Adjudicating Officer Jai Sebastian passed the settlement order on September 22, 2026, disposing of the adjudication proceedings against all five applicants under the applicable provisions of the SEBI Act, the Securities Contracts (Regulation) Act, and the Settlement Regulations. The order noted that the settlement was without prejudice to SEBI’s right to take enforcement action, including restoring or initiating the covered proceedings, in the event that any representation made during the settlement process was subsequently found to be untrue, that any undertaking or waiver was breached, or that a discrepancy arose in the determination of settlement terms.
