India’s markets regulator, SEBI, has issued notices of regulatory violations to seven companies within the Adani conglomerate, including flagship Adani Enterprises, following allegations by Hindenburg Research in January 2023. Adani Enterprises disclosed two notices from SEBI in the January-March quarter, citing non-compliance with listed company provisions and disclosure rules on related-party transactions. Other Adani entities, including Adani Green Energy, Adani Power, and Adani Ports, also received notices. While the nature of violations wasn’t detailed, Adani management stated they don’t foresee significant impacts on financial statements or material non-compliance with laws. Adani Power mentioned unreported third-party transactions and lack of approvals, while other companies’ notices pertained to auditor-related issues. Shares of Adani companies saw mixed reactions following the news.
SEBI Sends Notices to Adani Group Companies for Regulatory Violations
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