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'What amazing courage SEBI demonstrated': Cong takes dig at Adani settlement
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....What amazing courage SEBI demonstrated': Cong takes dig at Adani settlement<BR>Corp. Laws / SEBI / IBC<BR>Dated:- 22-9-2026<BR>PTI<BR>New Delhi, Sep 22 (PTI) The Congress on Tuesday took a swipe at SEBI settling adjudication proceedings against five Adani group companies with the firms collectively paying Rs 1.5 crore as settlement amount, saying what “amazing courage” the market regulator has....
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.... demonstrated. Sebi settled adjudication proceedings against five Adani group companies over alleged violations related to the disclosure of related-party transactions and audit as well as limited review reports, with the firms collectively paying Rs 1.5 crore as the settlement amount. The proceedings stemmed from Sebi's examination into allegations and corporate governance issues highlighte....
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....d in a January 2023 report of now-closed US short-selling firm Hindenburg Research, including possible violations of listing regulations and the erstwhile listing agreement. Reacting to the development, Congress general secretary (communications) Jairam Ramesh said, “What amazing courage SEBI has demonstrated.” He said the five companies in the “Modani” conglomerate paid a “grand a....
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....mount” of Rs 1.5 crore as settlement amount to SEBI over violations involving the disclosure of related-party transactions. 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), according to Sebi's settlement order. Under the settlement te....
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....rms, Adani Enterprises paid Rs 76.05 lakh, while Adani Green Energy paid Rs 45.50 lakh. Adani Total Gas, AWL Agri Business and Adani Energy Solutions paid Rs 9.75 lakh each. According to the settlement order, the proceedings were related to the alleged non-disclosure of certain related-party transactions and instances where audit or limited review reports were signed by audit firms without hold....
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....ing a valid peer review certificate. 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 not imposed for the alleged violations. It was alleged that Adani Enterprises Ltd (AEL) failed to disclose certain related-party transactions between its subsidiary Adani Estates Private Ltd and Vakoder Investment L....
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....td, a related party of AEL, in its FY13 annual report as required under the applicable accounting standards. It was also alleged that AEL's audit report for FY15 and the limited review report for the quarter ended June 2015 were signed by an audit firm, which did not hold a valid peer review certificate. Further, AEL's limited review reports for the quarters ending June 2017, September 2017 ....
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....and December 2021 were signed by the audit firm without a valid peer review certificate. Similarly, Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions faced proceedings pertaining to limited-review or audit reports signed by an audit firm without a valid peer review certificate. Pending adjudication proceedings, the companies subsequently proposed to settle the....
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.... proceedings without admitting or denying the findings of fact and 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 August 13. Sebi subsequently received the settlement amounts from the applicants, the order said. In September 2025, Sebi cleared billionaire Gautam Adani and his ....
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....group of stock manipulation allegations levelled by Hindenburg Research, after it did not find any evidence that the conglomerate used related parties to route funds into its listed companies. Hindenburg, which has since shut, in January 2023 published a damning report against the Adani Group, alleging that Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt....
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.... Ltd were used as a conduit to route funds from various Adani Group companies to fund publicly listed Adani Power Ltd and Adani Enterprises Ltd. PTI ASK ARI =============<BR> News - Press release - PIB....