Adani Group Firms Pay Rs 1.5 crore to Close SEBI Disclosure Cases

Five listed Adani Group companies have settled SEBI adjudication proceedings by paying a total of Rs 1.508 crore. The firms – Adani Enterprises Ltd, Adani Total Gas Ltd, AWL Agri Business Ltd, Adani Green Energy Ltd and Adani Energy Solutions Ltd – made the payments without admitting or denying any violations. SEBI’s order dated September 22 listed the individual amounts: Rs 76.05 lakh for Adani Enterprises, Rs 9.75 lakh each for Adani Total Gas, AWL Agri Business and Adani Energy Solutions, and Rs 45.50 lakh for Adani Green Energy. The regulator’s action stemmed from its review of disclosures and corporate‑governance issues raised after the Hindenburg Research report. SEBI alleged that Adani Enterprises failed to disclose a related‑party transaction between its subsidiary Adani Estates Pvt Ltd and Vakoder Investment Ltd in the 2012‑13 annual report. The agency also flagged audit‑report and limited‑review reports signed by firms lacking valid Peer Review Certificates for Adani Enterprises, Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions. Earlier in September 2025 SEBI dismissed separate allegations of stock manipulation and unfair trade practices against Gautam Adani, Rajesh Adani and other group companies, stating those claims could not be proven. The regulator noted it can reopen or enforce actions if any settlement representations are found to be false or if undertakings are breached. The settlement ends these specific adjudication cases but does not clear all questions raised by the Hindenburg report.