Sebi settles proceedings against 5 Adani Group companies for ₹1.50 crore
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The Securities and Exchange Board of India (Sebi) has disposed of adjudication proceedings against five Adani Group companies after they paid a combined ₹1.50 crore settlement amount in connection with alleged disclosure and listing-compliance violations.
The settlement order, passed by Sebi's Adjudicating Officer Jai Sebastian on September 22, 2026, covers Adani Enterprises Ltd (AEL), Adani Total Gas Ltd (ATGL), AWL Agri Business Ltd, Adani Green Energy Ltd (AGEL) and Adani Energy Solutions Ltd (AESL).
Sebi said it had earlier examined allegations relating to related-party transaction (RPT) disclosures and corporate governance issues highlighted in the Hindenburg Report, along with possible violations of the Sebi Listing Obligations and Disclosure Requirements (LODR) Regulations and the erstwhile Equity Listing Agreement.
Companies settle proceedings without admission or denial
According to the order, the companies proposed to settle the proceedings “without admitting or denying the findings of facts and conclusions of law”. They subsequently filed settlement applications with Sebi under the applicable Settlement Regulations.
The settlement amount for Adani Enterprises was ₹76.05 lakh, while Adani Green Energy paid ₹45.50 lakh. Adani Total Gas, AWL Agri Business and Adani Energy Solutions each paid ₹9.75 lakh, taking the total to ₹1.50 crore.
Sebi's High Powered Advisory Committee recommended the settlement terms on June 29, 2026. The recommendations were subsequently accepted by Sebi's Panel of Whole Time Members on August 13.
What were the allegations?
The proceedings against Adani Enterprises included an allegation that related-party transactions between Adani Estates Private Limited, a subsidiary of AEL, and Vakoder Investment Ltd, a related party, were not disclosed in the company's FY13 annual report as required under the applicable accounting standard.
The company also faced allegations concerning audit and limited-review reports signed by Dharmesh Parikh & Co LLP and Shah Dhandharia & Co LLP without valid Peer Review Certificates.
For Adani Total Gas and AWL Agri Business, the proceedings related to a December 2021 limited-review report allegedly signed by Shah Dhandharia & Co LLP without a valid Peer Review Certificate.
Adani Green Energy faced similar allegations concerning its FY19 audit report and limited-review reports for September 2018, December 2018 and June 2019. Adani Energy Solutions' case related to its June 2015 limited-review report.
Sebi disposes of proceedings
Sebi said the applicants had informed it on September 5 that the settlement amounts had been remitted, with the material on record confirming receipt of the payments.
“In view of the acceptance of the settlement terms and the receipt of settlement amount by Sebi,” the adjudication proceedings initiated through the February 15, 2024 show-cause notice were disposed of under the relevant provisions of the Sebi Act, SCRA and Settlement Regulations.
Sebi said the settlement order is “without prejudice” to its right to take enforcement action or restore proceedings if representations made during the settlement process are later found to be untrue, settlement conditions are breached, or a discrepancy is found in arriving at the settlement terms. The order “shall come into force with immediate effect”, Sebi added.