SEBI settles proceedings linked to Hindenburg report against 5 Adani firms for ₹1.51 crore
SEBI has settled adjudication proceedings against five Adani Group entities after examining alleged related-party transaction disclosures and corporate governance issues. The companies collectively paid ₹1.50 crore to settle the proceedings, without admitting or denying the findings of fact and conclusions of law.
- Sep 22, 2026,
- Updated Sep 22, 2026 6:22 PM IST
SEBI has settled adjudication proceedings against five Adani Group entities after examining alleged related-party transaction disclosures and corporate governance issues highlighted in the Hindenburg Report, along with possible violations of listing and disclosure requirements. The companies collectively paid ₹1.50 crore to settle the proceedings, without admitting or denying the findings of fact and conclusions of law.
The proceedings followed SEBI’s examination of allegations highlighted in the Hindenburg report and possible violations of disclosure and listing requirements involving Adani Group companies. The regulator had initiated adjudication proceedings against Adani Enterprises Ltd (AEL), Adani Total Gas Ltd (ATGL), AWL Agri Business Ltd, Adani Green Energy Ltd (AGEL) and Adani Energy Solutions Ltd.
Adani companies pay different settlement amounts
Under the settlement terms accepted by SEBI, the five entities paid different amounts based on the proceedings against them.
| Entity | Settlement amount |
|---|---|
| Adani Enterprises | ₹76.05 lakh |
| Adani Total Gas | ₹9.75 lakh |
| AWL Agri Business | ₹9.75 lakh |
| Adani Green Energy | ₹45.50 lakh |
| Adani Energy Solutions | ₹9.75 lakh |
| Total | ₹1.508 crore |
The settlement order said the proceedings involved alleged violations of provisions under the erstwhile Listing Agreement, SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, the Securities Contracts (Regulation) Act and related exchange rules.
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What were the alleged violations?
The proceedings against Adani Enterprises included an allegation that related-party transactions between Adani Estates Private Ltd, a subsidiary of AEL, and Vakoder Investment Ltd, a related party of AEL, were not disclosed in the annual report for FY2013 as required under the applicable accounting standard.
AEL was also proceeded against over audit and limited-review reports that were allegedly signed by audit firms without a valid Peer Review Certificate.
Similar allegations concerning limited-review and audit reports were made against Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions for specified reporting periods.
Settlement without admission or denial
The companies proposed to settle the proceedings while neither admitting nor denying the findings of fact and conclusions of law, according to the order.
The revised settlement terms were considered by SEBI’s High Powered Advisory Committee (HPAC) on June 29, 2026. The recommendations were subsequently accepted by SEBI’s Panel of Whole Time Members on August 13, 2026.
SEBI issued a notice of demand on August 20, following which the applicants informed the regulator on September 5 that the settlement amounts had been remitted. The order confirms receipt of the payments.
With the settlement terms accepted and the amounts received, SEBI disposed of the adjudication proceedings under the applicable settlement provisions.
However, the order states that SEBI retains the right to restore or initiate enforcement proceedings if representations made during settlement are subsequently found to be untrue, settlement conditions or undertakings are breached, or discrepancies are found in arriving at the settlement terms.
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SEBI has settled adjudication proceedings against five Adani Group entities after examining alleged related-party transaction disclosures and corporate governance issues highlighted in the Hindenburg Report, along with possible violations of listing and disclosure requirements. The companies collectively paid ₹1.50 crore to settle the proceedings, without admitting or denying the findings of fact and conclusions of law.
The proceedings followed SEBI’s examination of allegations highlighted in the Hindenburg report and possible violations of disclosure and listing requirements involving Adani Group companies. The regulator had initiated adjudication proceedings against Adani Enterprises Ltd (AEL), Adani Total Gas Ltd (ATGL), AWL Agri Business Ltd, Adani Green Energy Ltd (AGEL) and Adani Energy Solutions Ltd.
Adani companies pay different settlement amounts
Under the settlement terms accepted by SEBI, the five entities paid different amounts based on the proceedings against them.
| Entity | Settlement amount |
|---|---|
| Adani Enterprises | ₹76.05 lakh |
| Adani Total Gas | ₹9.75 lakh |
| AWL Agri Business | ₹9.75 lakh |
| Adani Green Energy | ₹45.50 lakh |
| Adani Energy Solutions | ₹9.75 lakh |
| Total | ₹1.508 crore |
The settlement order said the proceedings involved alleged violations of provisions under the erstwhile Listing Agreement, SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, the Securities Contracts (Regulation) Act and related exchange rules.
MUST READ: Adani Enterprises stock set for 28% upside, says Jefferies; cites these factors
What were the alleged violations?
The proceedings against Adani Enterprises included an allegation that related-party transactions between Adani Estates Private Ltd, a subsidiary of AEL, and Vakoder Investment Ltd, a related party of AEL, were not disclosed in the annual report for FY2013 as required under the applicable accounting standard.
AEL was also proceeded against over audit and limited-review reports that were allegedly signed by audit firms without a valid Peer Review Certificate.
Similar allegations concerning limited-review and audit reports were made against Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions for specified reporting periods.
Settlement without admission or denial
The companies proposed to settle the proceedings while neither admitting nor denying the findings of fact and conclusions of law, according to the order.
The revised settlement terms were considered by SEBI’s High Powered Advisory Committee (HPAC) on June 29, 2026. The recommendations were subsequently accepted by SEBI’s Panel of Whole Time Members on August 13, 2026.
SEBI issued a notice of demand on August 20, following which the applicants informed the regulator on September 5 that the settlement amounts had been remitted. The order confirms receipt of the payments.
With the settlement terms accepted and the amounts received, SEBI disposed of the adjudication proceedings under the applicable settlement provisions.
However, the order states that SEBI retains the right to restore or initiate enforcement proceedings if representations made during settlement are subsequently found to be untrue, settlement conditions or undertakings are breached, or discrepancies are found in arriving at the settlement terms.
DO READ: LIC emerges as biggest bidder in NSE IPO, applies for shares worth Rs 4,500 crore: Report