The Sebi Investigation on Adani Enterprises: What You Need to Know
Adani Enterprises Ltd announced on Thursday that it has been served two show cause notices by Sebi, the markets regulator, as part of the ongoing investigation into Hindenburg’s report against Adani Enterprises.
According to the company’s quarterly earnings release, in the first quarter of 2024, Adani Enterprises received two Sebi show cause notices for non-compliance with the Listing Agreement (LODR) Regulations and related-party transactions (some transactions with third parties) as well as for the validity of the peer review certificates of the statutory auditors (PSCs) with respect to previous years.
Adani Enterprises said that it does not believe that the show cause notices will have a material impact on its financial statements and that it has not breached any laws and regulations.
The Parent Company had carried out an independent assessment of the transactions mentioned in the Short seller’s report in April of 2023 through the help of a law firm. The assessment confirmed that none of the related parties named in the Short Seller’s Report (SSR) were related to them or their subsidiaries, according to the relevant frameworks, and that the Parent Company was compliant with the relevant laws and regulations.
The Supreme Court had given the go-ahead to Sebi to close two of its pending investigations within three months and complete the overall investigation according to the law. In January of this year, Sebi had completed 22 of the 24 investigations related to the Adani Group.
In light of the above-mentioned independent evaluation, the SC order, and the absence of any regulatory or adjudicative proceedings to date, apart from those mentioned above, management concludes that there are no material non-compliances with applicable laws and regulations, and therefore, there are no adjustments to these financial statements in this regard, the earnings release stated.
Back in January 2023, United States-based short seller, Hindenburg Research, alleged a number of corporate governance and debt problems at the conglomerate, which led to a plunge in the group’s shares and the cancellation of Adani Enterprises’ Rs 20,000-crore follow-on public offer.
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