Five Adani Group companies have paid ₹1.508 crore to settle SEBI adjudication proceedings linked to issues examined after the Hindenburg report. The settlement covers allegations concerning related-party disclosures, corporate governance and audit-related matters.
Five Adani Group companies have settled adjudication proceedings initiated by SEBI over issues examined in connection with allegations highlighted in the Hindenburg Research report, paying a combined ₹1.508 crore.
The Securities and Exchange Board of India (SEBI) passed a settlement order on September 22, 2026, covering proceedings against Adani Enterprises, Adani Total Gas, AWL Agri Business, Adani Green Energy and Adani Energy Solutions.
Also Read
The proceedings followed SEBI's examination of allegations involving disclosure of related-party transactions and corporate governance issues highlighted in the Hindenburg report. The examination also covered possible violations of SEBI's Listing Obligations and Disclosure Requirements regulations and the earlier Equity Listing Agreement.
The companies agreed to settle the proceedings without admitting or denying the findings of fact or conclusions of law.
How much did each company pay?
According to the settlement order, the amounts recommended for the five companies were:
- Adani Enterprises: ₹76.05 lakh
- Adani Total Gas: ₹9.75 lakh
- AWL Agri Business: ₹9.75 lakh
- Adani Green Energy: ₹45.50 lakh
- Adani Energy Solutions: ₹9.75 lakh
Together, the settlement amounts total ₹1.508 crore. SEBI's records confirm the settlement order was issued on September 22.
AWL Agri Business was formerly known as Adani Wilmar, while Adani Energy Solutions was formerly known as Adani Transmission.
In the case of Adani Enterprises, the proceedings included allegations concerning the non-disclosure of certain related-party transactions involving Adani Estates and Vakoder Investment in an annual report.
The proceedings also covered allegations relating to audit and limited-review reports that were signed without valid Peer Review Certificates for specified periods.
Similar audit-report and Peer Review Certificate issues formed part of the proceedings involving the other four companies.
What happens after the settlement?
The companies had filed settlement applications under the SEBI Settlement Proceedings Regulations, 2018. After discussions with SEBI's Internal Committee, revised settlement terms were submitted.
The High Powered Advisory Committee considered the terms on June 29, 2026 and recommended the settlement amounts. SEBI's Panel of Whole Time Members accepted those recommendations on August 13. The companies subsequently informed SEBI that they had paid the amounts, and the regulator confirmed receipt.
SEBI then disposed of the adjudication proceedings covered by the settlement order.
However, the order preserves SEBI's right to take enforcement action, including restoring or initiating proceedings covered by the settlement, in specified circumstances. These include situations where representations made during settlement proceedings are later found to be untrue, undertakings or waivers are breached, or a discrepancy is found in the basis on which the settlement terms were reached.
Why this matters
The settlement closes the specific adjudication proceedings covered by SEBI's September 22 order, but it should not be interpreted as a finding that all allegations in the Hindenburg report were established or rejected through this settlement.
SEBI's order concerns specific regulatory proceedings involving disclosure, related-party transactions and audit-related issues. The companies settled those proceedings without admitting or denying the findings of fact or conclusions of law.
The development also comes amid continuing regulatory scrutiny of matters concerning the Adani Group. SEBI issued separate final orders in 2025 in other Hindenburg-related matters involving Adani Group entities, showing that the regulatory examination has involved multiple proceedings rather than a single case.
Adani also returns to top of Hurun rich list
Separately, the M3M Hurun India Rich List 2026 released on September 23 placed Gautam Adani and his family at the top of India's wealth ranking, with wealth estimated at ₹9.23 lakh crore. Mukesh Ambani and his family were placed second at ₹8.63 lakh crore.
Hurun said Adani's family wealth rose 13% from the previous year, while Ambani's declined 10%. The list also recorded 391 dollar billionaires in India, with 1,810 people having wealth of at least ₹1,000 crore.
This wealth ranking is a separate development from the SEBI settlement and does not determine the outcome of the regulatory proceedings.
Published: 24 Sept 2026, 11:25 am IST
ABOUT THE AUTHOR
Disclaimer: Kindly avoid objectionable, derogatory, unlawful and lewd comments, while responding to reports. Such comments are punishable under cyber laws. Please keep away from personal attacks. The opinions expressed here are the personal opinions of readers and not that of Mathrubhumi.