Sebi puts 7 Adani group firms on notice

New Delhi: Seven out of the 10 listed firms of Adani group have received show cause notices from the Securities and Exchange Board of India (Sebi) for alleged violation of related party transactions and non-compliance with listing regulations, the companies said in their regulatory filings to the stock exchanges.

While group’s flagship Adani Enterprises Ltd, renewable energy firm Adani Green Energy Ltd (AGEL) and city gas distributor Adani Total Gas Ltd said Sebi sent notices of their parent or holding company controlled by conglomerate’s chairman Gautam Adani, ports company Adani Ports & Special Economic Zone (APSEZ), Adani Power, electricity transmission firm Adani Energy Solutions, and commodities firm Adani Wilmar said they have received Sebi notices.

Making the disclosure as part of notes to their respective January-March quarter and 2023-24 financial results statements, all the firms in almost identical statements said there is no material non-compliance with applicable laws and regulations and no material consequential effect.

However, auditors of the companies, except those for Adani Green Energy, Adani Total Gas Ltd and Adani Wilmar, issued a qualified opinion on the financial statements, implying that the outcome of the Sebi investigation may have a bearing on the financial statements in the future. The conglomerate’s cement companies ACC and Ambuja Cement said they have not received any notice from Sebi on the matter and there was no open matter relating to them and any non-compliance of applicable regulations.