New Delhi:) The Congress on Tuesday took a swipe at SEBI for settling adjudication proceedings against five Adani group companies, with the firms collectively paying Rs 1.5 crore as the settlement amount, saying what “amazing courage” the market regulator has demonstrated.
Sebi settled adjudication proceedings against five Adani group companies over alleged violations related to the disclosure of related-party transactions and audit as well as limited review reports, with the firms collectively paying Rs 1.5 crore as the settlement amount.
The proceedings stemmed from SEBI’s examination into allegations and corporate governance issues highlighted in a January 2023 report of now-closed US short-selling firm Hindenburg Research, including possible violations of listing regulations and the erstwhile listing agreement.
Under the settlement terms, Adani Enterprises paid Rs 76.05 lakh, while Adani Green Energy paid Rs 45.50 lakh. Adani Total Gas, AWL Agri Business and Adani Energy Solutions paid Rs 9.75 lakh each.
According to the settlement order, the proceedings related to alleged non-disclosure of certain related-party transactions and instances where audit or limited review reports were signed by audit firms without holding a valid peer review certificate.
