Archive · 23 Sep 2026
Five Adani Firms Settle SEBI Cases Linked to Hindenburg Report
India’s market regulator, SEBI, examined five Adani companies over possible reporting and audit problems.
The examination followed issues discussed in a January 2023 report by Hindenburg Research.
SEBI said some related-party transactions may not have been disclosed properly.
It also raised concerns about audit or limited-review reports signed without valid peer-review certificates.
The five companies agreed to pay about Rs 1.5 crore to settle the proceedings.
Adani Enterprises paid the largest amount, followed by Adani Green Energy.
The companies did not admit or deny the findings.
SEBI closed the proceedings after receiving the payments.
It can restore or begin proceedings again if settlement conditions are violated or discrepancies emerge.
Five Adani Group companies settled SEBI proceedings concerning alleged disclosure, governance and audit-compliance violations.
The proceedings followed SEBI’s examination of issues raised in Hindenburg Research’s January 2023 report.
The companies paid a combined settlement amount reported as Rs 1.50 crore or Rs 1.508 crore.
Adani Enterprises paid Rs 76.05 lakh, Adani Green Energy Rs 45.50 lakh and three others Rs 9.75 lakh each.
The firms neither admitted nor denied the findings, while SEBI retained the right to restore proceedings in specified circumstances.
- Who
- SEBI and five Adani Group companies: Adani Enterprises, Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions.
- What
- SEBI settled adjudication proceedings involving alleged non-disclosure of related-party transactions and audit or limited-review compliance issues.
- When
- The settlement order was dated September 22, 2026; SEBI issued the show-cause notice on February 15, 2024, and recorded receiving the payments on September 5, 2026.
- Where
- The proceedings were handled by the Securities and Exchange Board of India in India.
- Why
- The proceedings followed SEBI’s examination of allegations and corporate-governance issues highlighted in Hindenburg Research’s January 2023 report.
SEBI’s Allegations
Companies’ Settlement Position
Disclosure and audit compliance
SEBI’s Allegations
SEBI’s proceedings concerned alleged non-disclosure of related-party transactions, possible listing-rule violations and reports signed by audit firms without valid peer-review certificates.
Companies’ Settlement Position
The companies accepted the settlement terms and paid the specified amounts, but did not admit or deny the findings of fact or conclusions of law.
Effect of the settlement
SEBI’s Allegations
SEBI closed the proceedings but retained the right to restore or initiate proceedings if representations were untrue, undertakings were breached or discrepancies emerged.
Companies’ Settlement Position
The settlement disposed of the pending adjudication proceedings with immediate effect after SEBI received the payments.
- Companies involved
- Adani Enterprises, Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions
- Settlement amount
- Reported as Rs 1.50 crore by some accounts and Rs 1.508 crore in the settlement order
- Largest payment
- Adani Enterprises paid Rs 76.05 lakh
- Second-largest payment
- Adani Green Energy paid Rs 45.50 lakh
- Other payments
- Adani Total Gas, AWL Agri Business and Adani Energy Solutions paid Rs 9.75 lakh each
- Main allegations
- Non-disclosure of certain related-party transactions and audit or limited-review reports signed without valid peer-review certificates
- Settlement position
- The companies settled without admitting or denying the findings of fact or conclusions of law
Sources
SEBI closes Hindenburg-linked proceedings against 5 Adani firms after Rs 1.5 cr settlement
Five Adani firms pay Rs 1.5 cr to settle SEBI proceedings over Hindenburg report
Sebi Settles Proceedings Against 5 Adani Group Firms For ₹1.5 Crore Over Disclosure, Audit Issues