Five Adani Group companies have settled SEBI adjudication proceedings arising from an examination into issues highlighted in the Hindenburg Report by paying combined settlement amounts of ₹1.508 crore.

SEBI Adjudicating Officer Jai Sebastian passed the settlement order on Tuesday (September 22)

The proceedings concerned Adani Enterprises Limited, Adani Total Gas Limited, AWL Agri Business Limited, Adani Green Energy Limited, and Adani Energy Solutions Limited. AWL Agri Business was formerly known as Adani Wilmar, while Adani Energy Solutions was formerly known as Adani Transmission.

SEBI had examined allegations concerning disclosure of alleged related party transactions (RPTs) and corporate governance issues highlighted in the Hindenburg Report. The examination also covered possible violations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the erstwhile Equity Listing Agreement.

Based on the findings of its examination, SEBI initiated adjudication proceedings against the five companies.

In the case of Adani Enterprises, the allegations included non-disclosure of RPTs involving Adani Estates Private Limited, a subsidiary of the company, and Vakoder Investment Limited, a related party of Adani Enterprises, in its annual report for FY2013.

Adani Enterprises was also proceeded against over allegations concerning audit and limited-review reports signed without valid Peer Review Certificates. The order refers to its audit report for the financial year ended March 2015 and limited-review report for the quarter ended June 2015, which were allegedly signed by Dharmesh Parikh & Co LLP without a valid Peer Review Certificate.

It further refers to limited-review reports for the quarters ended June 2017, September 2017 and December 2021, which were allegedly signed by Shah Dhandharia & Co LLP without a valid Peer Review Certificate.

The proceedings against Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions also concerned allegations relating to audit and limited-review reports being signed by firms without valid Peer Review Certificates for specified financial periods.

The companies subsequently proposed to settle the proceedings without admitting or denying the findings of facts and conclusions of law. They filed settlement applications under the SEBI (Settlement Proceedings) Regulations, 2018.

Following meetings with SEBI's Internal Committee, the applicants submitted revised settlement terms. The High Powered Advisory Committee (HPAC) considered the terms at its meeting on June 29, 2026 and recommended settlement amounts for the five companies.

The HPAC recommended ₹76.05 lakh for Adani Enterprises, ₹9.75 lakh each for Adani Total Gas and AWL Agri Business, ₹45.50 lakh for Adani Green Energy and ₹9.75 lakh for Adani Energy Solutions. The amounts together total ₹1.508 crore.

The recommendations were accepted by SEBI's Panel of Whole Time Members on August 13, 2026. SEBI subsequently issued notices of demand on August 20.

The companies informed SEBI by email dated September 5, 2026, that they had remitted the settlement amounts. SEBI said the material on record confirmed receipt of the amounts.

In view of the acceptance of the settlement terms and receipt of the settlement amounts, SEBI disposed of the adjudication proceedings against the five applicants under the applicable provisions of the SEBI Act, Securities Contracts (Regulation) Act and Settlement Regulations.

The order, however, said the settlement was without prejudice to SEBI's right to take enforcement action, including restoring or initiating the proceedings covered by the settlement order.

The refulator said it could take such action if any representation made by the applicants during the settlement proceedings was subsequently found to be untrue, if they breached any clause or condition of undertakings or waivers filed during the proceedings, or if there was a discrepancy in arriving at the settlement terms.  

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