SEBI settles Hindenburg-linked case against Adani firms for Rs 1.5 crore

New business data points to the fact that Market regulator SEBI on September 22 settled adjudication proceedings against five firms, including four Adani Group firms, over alleged lapses in disclosing related-party transactions, with the firms paying a combined Rs 1.50 crore to settle the matter.

The proceedings stemmed from SEBI's examination of allegations and corporate governance concerns boosted in the Hindenburg report, including possible breaches of the stock-exchange debut regulations and the erstwhile stock-exchange debut agreement.

The firms are Adani Enterprises, Adani Total Gas, AWL Agri Business (formerly Adani Wilmar), Adani Green Energy and Adani Energy Solutions (formerly Adani Transmission), according to Sebi's settlement order.

Under the settlement terms, Adani Enterprises paid Rs 76.05 lakh and Adani Green Energy paid Rs 45.50 lakh. Adani Total Gas, AWL Agri Business and Adani Energy Solutions paid Rs 9.75 lakh each.

The order stated the proceedings related to the alleged non-disclosure of certain related-party transactions, and to instances where audit or limited review notes were signed by audit firms that did not hold a valid peer review certificate.