Adani Group 6 companies received notice from Securities and Exchange Board of India (SEBI). According to the information given by the group, a show cause notice has been received for alleged violation of related party transactions and non-compliance with listing rules. The companies gave this information in the information given to the stock markets. The group’s key companies Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Energy Solutions, Adani Total Gas and Adani Wilmar have reported SEBI’s notice in their financial results for the January-March quarter and financial year 2023-24. Has been disclosed.
Possible impact on financial statements
The companies said there has been no material non-compliance with applicable laws and regulations and there is no material consequential impact. However, the auditors of the remaining companies, except Adani Total Gas and Adani Wilmar, issued a qualified opinion on the financial statements, which implies that the outcome of SEBI’s investigation may have an impact on the financial statements in future. Adani Green Energy has not announced its earnings yet. ACC and Ambuja Cement said they have not received any notice from SEBI on this matter and there is no open case in respect of them and there has been no non-compliance with applicable regulations.
The group denied any wrongdoing
Sebi’s notice to these six companies is part of the investigation that was conducted after short seller Hindenburg Research made serious allegations of corporate fraud and share price manipulation against the Adani Group in January 2023. Adani Group has denied all allegations and any wrongdoing. Due to the report, the shares of his companies fell drastically in the stock market and the market value of the group fell to its lowest level of about 150 billion US dollars. However, later the shares of the group companies made a comeback in the market.
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