On Tuesday, the Securities and Exchange Board of India (SEBI) settled adjudication proceedings against five Adani group companies. The proceedings concerned alleged violations of disclosure of related‑party transactions and audit or limited‑review reports. Under the settlement, the firms collectively paid ₹1.5 crore. The five companies are Adani Enterprises Ltd, Adani Total Gas Ltd, AWL Agri Business Ltd (formerly Adani Wilmar Ltd), Adani Green Energy Ltd and Adani Energy Solutions Ltd (formerly Adani Transmission Ltd). The settlement order was issued after SEBI’s High‑Powered Advisory Committee recommended terms in June 2026 and the Panel of Whole‑Time Members accepted them on 13 August.

Adani Enterprises Ltd paid ₹76.05 lakh, while Adani Green Energy Ltd paid ₹45.50 lakh. Adani Total Gas Ltd, AWL Agri Business Ltd and Adani Energy Solutions Ltd each paid ₹9.75 lakh. These payments were made without the companies admitting or denying the findings of fact or conclusions of law. The settlement terms were recommended by SEBI’s High‑Powered Advisory Committee in June 2026 and accepted by the Panel of Whole‑Time Members on 13 August, after which SEBI received the settlement amounts from the applicants today.

On Wednesday, September 23, shares of the five companies opened in positive territory. Adani Enterprises shares were up 0.4% at ₹3,008.90 on the NSE, while AWL Agri Business shares rose 0.25% to ₹183.56. Adani Green Energy shares traded at ₹1,309.20, up 0.4%. Adani Energy Solutions shares were down 0.38% at ₹1,376.40, and Adani Total Gas shares fell to ₹624.60 on the NSE.

SEBI had issued a show‑cause notice to the companies in February 2024, asking them to explain why an inquiry should not be held and penalties imposed for the alleged violations. It was alleged that Adani Enterprises Ltd failed to disclose certain related‑party transactions between its subsidiary Adani Estates Private Ltd and Vakoder Investment Ltd, a related party of AEL, in its FY13 annual report as required under the applicable accounting standards. The notice also cited that AEL’s audit report for FY15 and the limited‑review report for the quarter ended June 2015 were signed by an audit firm that did not hold a valid peer‑review certificate. Similar concerns were raised for limited‑review or audit reports of Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions.

According to news agency PTI, the proceedings stemmed from SEBI’s examination into allegations and corporate governance issues highlighted in a January 2023 report of the now‑closed US short‑selling firm Hindenburg Research, including possible violations of listing regulations and the erstwhile listing agreement. Following the settlement, the companies proposed to settle the proceedings without admitting or denying the findings of fact and conclusions of law. SEBI subsequently received the settlement amounts from the applicants, the order said, marking the end of the adjudication process for the five Adani entities.