SEBI issued show-cause notice to Adani Enterprises
written by Jaya Pathak
The Securities and Exchange Board of India (SEBI) issued show-cause notice to Adani Enterprises. The Adani Enterprises got consecutive two SCN’s during the first quarter of the financial year 2024-2025. The notice has been given in the suspicion of malicious transaction signifying lack of transparency. These allegations were imposed by the Hindenburg Research which is US-based.
The Adani Enterprises have told that they have received two notices during this calendar year. The other companies including Adani Ports & Special Economic Zone, Adani Power, Adani Energy Solutions, Adani Wilmar and Adani Total Gas have also received the notice.
The notice focuses on the suspicious transactions, listing rules and the authenticity of auditor certificates. Though the companies have asserted that these notices will not have a significant impact, whereas the auditors have presented a qualified report regarding this situation.
Howsoever, it is important to note that this notice form Securities and Exchange Board of India is more like a formal request to these companies to provide a satisfactory and valid explanation regarding why the legal action including the penalties as well, should not be taken against them.
As per the sources, the Adani Groups have responded to this show-cause notice and are in touch with the legal advisors to face the situation.
