Sebi issues show-cause notices to six Adani group firms
By MYBRANDBOOK
Sebi issued show-cause notices to six Adani Group firms, including Adani Enterprises and Adani Ports & Special Economic Zone. These notifications are about listing rules, infractions and related party transactions. With the exception of Adani Wilmar and Adani Total Gas, auditors voiced worries about possible effects on financial statements while they awaited the conclusion of Sebi's investigations.
Among these, Adani Enterprises, the flagship of Gautam Adani's business empire, disclosed the receipt of two show-cause notices during the quarter ending on March 31. Other firms of the group, including Adani Ports & Special Economic Zone, Adani Power, Adani Energy Solutions, Adani Wilmar, and Adani Total Gas, have also informed the bourses about Sebi's recent inquiries.
While the firms have said that legal counsel suggests minimal impact from the regulatory notices, auditors, excluding those of Adani Wilmar and Adani Total Gas, have taken a cautious stance, issuing qualified opinions. This apprehension arises from the possibility that Sebi's investigations could have implications on future financial statements.
"... on account of pending adjudications/ outcome of the investigations by the Securities and Exchange Board of India and based on our review of related documents, we are unable to comment on the possible adjustments and /or disclosures, if any, that may be required to be made in the accompanying Statement in respect of this matter. We will continue to evaluate the impact of this matter on our opinion based on any changes in circumstances or additional information that may become available," auditors of Adani Enterprises said.
Sebi's scrutiny follows an investigation into allegations levelled against the Adani Group by US-based Hindenburg Research. It's worth noting that a show-cause notice does not necessarily indicate guilt; rather, it prompts entities to provide explanations to avoid potential legal action, including monetary penalties.
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