SEBI issues Show Cause to six Adani firms

06 May 2024 CW Team

Several Adani group companies have reportedly received show cause notices from the Securities and Exchange Board of India (SEBI) for alleged violations of related party transactions and non-compliance with listing regulations, as stated in filings to the stock exchange by the companies. In notes accompanying their respective financial results for the March quarter and FY24, the group's flagship Adani Enterprises, Adani Ports & Special Economic Zone, Adani Power, Adani Energy Solutions, Adani Total Gas, and commodities firm Adani Wilmar disclosed information regarding the SEBI notice.

According to the companies, they mentioned that there were no significant breaches of applicable laws and regulations, nor any significant consequential effects. However, the auditors of the companies (excluding those for Adani Total Gas and Adani Wilmar) issued a qualified opinion on the financial statements, indicating that the outcome of the SEBI investigation could impact future financial statements.

Adani Green Energy has not yet announced its earnings. ACC and Ambuja Cement stated that they have not been served any notice from SEBI regarding the matter and confirmed there were no outstanding issues concerning them or any non-compliance with applicable regulations.

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