The Securities and Exchange Board of India (SEBI) has concluded adjudication proceedings against five Adani Group companies, resolving allegations stemming from the Hindenburg Research report concerning disclosure lapses. The market regulator settled the case for a total of ₹1.50 crore, with the involved firms paying varying amounts without admitting or denying the findings.
Adani Group Companies and Allegations
The settlement, finalized on September 22, involved five key Adani Group entities:
- Adani Enterprises Ltd
- Adani Total Gas Ltd
- AWL Agri Business Ltd
- Adani Green Energy Ltd
- Adani Energy Solutions Ltd
The proceedings primarily focused on two main areas:
- Alleged non-disclosure of certain related-party transactions in annual reports.
- Instances where audit or limited review reports were signed by audit firms that did not possess a valid peer review certificate at the time.
Specifically, Adani Enterprises faced allegations regarding both non-disclosure of related-party transactions and issues with audit firm certifications. Adani Total Gas, AWL Agri Business, and Adani Green Energy faced proceedings concerning audit firm certifications, while Adani Energy Solutions had similar allegations related to its limited-review report for the quarter ended June 2015.
Settlement Details and Amounts Paid
As part of the settlement, the companies remitted the following amounts:
- Adani Enterprises: ₹76.05 lakh
- Adani Green Energy: ₹45.50 lakh
- Adani Total Gas: ₹9.75 lakh
- AWL Agri Business: ₹9.75 lakh
- Adani Energy Solutions: ₹9.75 lakh
The revised settlement terms were initially recommended by SEBI’s High Powered Advisory Committee in June 2026 and subsequently approved by the regulator’s Panel of Whole Time Members in August. The Adani companies informed SEBI on September 5 of their payment remittance, leading to the official disposal of the proceedings.
Market Reaction
Following the news, several Adani Group shares experienced minor movements. On Tuesday, Adani Enterprises Ltd closed 0.10% lower at ₹2987. Adani Total Gas shares ended 2% lower at ₹626.15, and AWL Agri Business stock saw a 0.22% decline to ₹183.10. Adani Green Energy shares remained flat at ₹1303.60, while Adani Energy Solutions closed at ₹1392.