SEBI has settled adjudication proceedings against five Adani Group companies for a combined ₹1.51 crore over related-party transaction disclosures and governance lapses flagged in the Hindenburg Report.
The case involved alleged non-disclosure of related-party transactions and audit reports signed by firms without valid Peer Review Certificates.
SEBI confirmed receipt of the settlement amount on September 5 and formally closed the proceedings on September 22.
SEBI Closes Hindenburg-Linked Case Against Five Adani Firms For ₹1.51 Cr
Adani Enterprises paid the largest share at ₹76.05 lakh, followed by Adani Green Energy at ₹45.50 lakh. Adani Total Gas, AWL Agri Business and Adani Energy Solutions each paid ₹9.75 lakh, taking the total to roughly ₹1.508 crore
Gautam Adani
Summary
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Five companies under the Adani Group have settled a case with the Securities and Exchange Board of India over corporate governance lapses, paying a combined ₹1.51 crore to close the matter, as per media reports.
The case stemmed from SEBI's examination of allegations raised in the Hindenburg Report, which had pointed to possible violations of the Listing Obligations and Disclosure Requirements Regulations and the earlier Listing Agreement.
Adani Enterprises paid the largest share at ₹76.05 lakh, followed by Adani Green Energy at ₹45.50 lakh. Adani Total Gas, AWL Agri Business and Adani Energy Solutions each paid ₹9.75 lakh, taking the total to roughly ₹1.508 crore.
Adani Enterprises had faced allegations of failing to disclose certain related-party transactions in its annual report, along with audit and limited-review reports signed by firms lacking valid Peer Review Certificates. Adani Total Gas, AWL Agri Business and Adani Green Energy faced similar allegations tied to audit or limited-review reports signed without valid certification.
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All five companies opted to settle without admitting or denying the findings.
Approval Process
SEBI's High Powered Advisory Committee cleared revised settlement terms in June 2026, and the regulator's Panel of Whole Time Members approved them in August. The companies notified SEBI on September 5 that the settlement amounts had been paid, which the regulator confirmed receiving.
With the payments in and terms accepted, SEBI closed the adjudication proceedings on September 22.
The regulator noted that the settlement does not affect its right to act further, including reopening or initiating fresh proceedings if any submissions made during the process turn out to be false, if settlement conditions are violated, or if discrepancies emerge in how the terms were reached.