The proceedings were initiated following SEBI’s examination into allegations raised in the Hindenburg Report and possible violations of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, the erstwhile Listing Agreement and other applicable provisions.
The five companies covered by the settlement are Adani Enterprises, Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions.
The settlement amounts were ₹76.05 lakh for Adani Enterprises, ₹9.75 lakh each for Adani Total Gas, AWL Agri Business and Adani Energy Solutions, and ₹45.50 lakh for Adani Green Energy. Together, the amounts total ₹1.508 crore, or about ₹1.51 crore.
What were the proceedings about?
According to the settlement order, the proceedings covered multiple alleged violations.
Adani Enterprises faced allegations relating to non-disclosure of certain related-party transactions in its annual report, as well as audit and limited-review reports being signed by audit firms without valid Peer Review Certificates.
Adani Total Gas, AWL Agri Business and Adani Green Energy faced proceedings relating to limited-review or audit reports signed by an audit firm without a valid Peer Review Certificate. Adani Energy Solutions faced a similar allegation relating to its limited-review report for the June 2015 quarter.
The companies proposed to settle the proceedings without admitting or denying the findings of fact or conclusions of law.
SEBI’s High Powered Advisory Committee recommended the revised settlement terms in June 2026, which were subsequently accepted by the Panel of Whole Time Members in August. The companies informed SEBI on September 5 that the settlement amounts had been remitted, and SEBI confirmed receipt.
With the settlement terms accepted and the money received, SEBI disposed of the adjudication proceedings on September 22.
The order also states that the settlement is without prejudice to SEBI’s right to take enforcement action, including restoring or initiating proceedings, if representations made during the settlement process are subsequently found to be untrue, settlement conditions are breached or there is a discrepancy in arriving at the settlement terms.