# Adani Group firms settle Sebi case on governance issues — retained record

> Retained news record from news:india-et-markets.

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source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-09-22 23:41 ingested 2026-09-23 03:00

[original source ↗](https://economictimes.indiatimes.com/markets/stocks/news/adani-group-settles-legal-issues-with-sebi-pays-rs-1-5-cr-over-alleged-corporate-governance-violations/articleshow/134423213.cms)

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The five companies are Adani Enterprises, Adani Total Gas, AWL Agri Business (formerly Adani Wilmar), Adani Green Energy and Adani Energy Solutions (formerly Adani Transmission). Under the settlement terms, Adani Enterprises paid ₹76.05 lakh, while Adani Green Energy paid ₹45.5 lakh. Adani Total Gas, AWL Agri Business and Adani Energy Solutions each paid ₹9.75 lakh.
Read more: After Hindenburg: 5 Adani group companies settle disclosure violation case with Sebi
The proceedings followed Sebi's examination of allegations relating to related party transactions and corporate governance issues highlighted in the Hindenburg Report. The examination covered several Adani Group companies and possible violations of Sebi's Listing Obligations and Disclosure Requirements (LODR) Regulations and the erstwhile equity listing agreement.
The allegations against Adani Enterprises included non-disclosure of related party transactions between Adani Estates Pvt Ltd, a subsidiary of Adani Enterprises and Vakoder Investment, a related party of Adani Enterprises, in its annual report for FY13.
Adani Enterprises was also alleged to have had audit and limited review reports signed by Dharmesh Parikh & Co LLP without a valid peer review certificate.
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Further, its limited review reports for the quarters ended June 2017, September 2017 and December 2021 were allegedly signed by Shah Dhandharia & Co LLP without a valid peer review certificate.
Adani Total Gas and AWL Agri Business faced allegations concerning their December 2021 limited review reports being signed by Shah Dhandharia & Co LLP without a valid peer review certificate.
In Adani Green Energy's case, Sebi alleged that its audit report for FY19 and limited review reports for the quarters ended September 2018, December 2018 and June 2019 were signed by Dharmesh Parikh & Co LLP without a valid peer review certificate.
Adani Energy Solutions faced a similar allegation concerning its limited review report for the quarter ended June 2015.
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