Six Adani group companies get Sebi notice. No material consequential effect, says the group

Most of the firms that received Sebi notice were trading in red on Friday


Six Adani group companies—Adani Enterprises, Adani Ports & Special Economic Zone, Adani Power, Adani Total Gas, Adani Energy Solutions, and Adani Wilmar—have received show cause notices from the Securities and Exchange Board of India (Sebi) in the March quarter.

According to media reports, the company informed the exchanges that the notices were regarding alleged violations in party transactions and non-compliance of listing rules among others.

Sebi brought into the attention of the group the alleged "non-compliance of provisions of the Listing Agreement and LODR (Listing Obligation and Disclosure Requirement) Regulations pertaining to related party transactions in respect of certain transactions with third parties and validity of peer review certificates of statutory auditors with respect to earlier years".

The group, however, clarified that there was no issue of non-compliance with laws and regulations and that there is "no material consequential effect of the show cause notices to relevant financial statements".

Except for Adani Power, all other Adani group companies that received Sebi notices were trading in red on Friday.

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