Adani Group settles US SEC case and SEBI probe, easing regulatory concerns

The regulatory cloud that has hung over Gautam Adani’s sprawling conglomerate since early 2023 just got a lot thinner. India’s Securities and Exchange Board of India closed adjudication proceedings against five Adani Group companies after they collectively paid ₹1.51 crore, roughly $158,000, to settle allegations of disclosure lapses and corporate governance violations. What the settlement covers The five firms that settled are Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Total Gas Ltd, AWL Agri Business Ltd, and Adani Energy Solutions Ltd. Adani Enterprises bore the largest share at ₹76.05 lakh, while Adani Green Energy contributed ₹45.50 lakh. The remaining three companies each paid ₹9.75 lakh. None of the companies admitted or denied any wrongdoing as part of the resolution. The specific violations in question involved undisclosed related-party transactions in older annual reports and audit reports that lacked proper peer review certificates. SEBI’s comprehensive review of the Adani Group was initiated in the wake of Hindenburg Research’s January 2023 report, which accused the conglomerate of extensive corporate malfeasance including stock manipulation, accounting fraud,...