Adani Enterprises receives SEBI's final order on Hindenburg allegations concerning RPTs
The announcement concerns a final order from SEBI regarding serious allegations from the Hindenburg Report, which had significant market implications for the Adani Group. While the order's specific findings are not disclosed, the resolution of such a prominent regulatory matter is of medium importance to investors and the company.
The announcement primarily informs about the issuance of a SEBI final order regarding Hindenburg allegations, outlining the previous allegations and the procedural steps. It does not disclose the findings or penalties of the order, making the immediate sentiment neutral, although it notes that all loans in question were fully repaid with interest.
* Adani Enterprises Limited (ADANIENT) has announced the receipt of a final order from the Securities and Exchange Board of India (SEBI), dated September 18, 2025. * The order pertains to allegations from the Hindenburg Report (January 24, 2023) concerning Adani Group's transactions with Milestone Tradelinks Pvt. Ltd. (MTPL) and Rehvar Infrastructure Pvt. Ltd. (RIPL) during the financial years 2018-19 to 2022-23. * SEBI's investigation observed that Adani Power and ADANIENT consistently received funds from MTPL and RIPL, whose primary source was related parties of Adani Group, including Adani Ports & Special Economic Zone Limited (APSEZ). * The Show Cause Notice (SCN) alleged that these transactions, "in substance," constituted related party transactions (RPTs) that were not classified or disclosed as such, thereby circumventing SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations) and accounting standards (Ind-AS 24). * It was further alleged that the use of MTPL and RIPL as conduits avoided requirements for Audit Committee and shareholder approvals for material RPTs. * The SCN also implicated key managerial personnel and directors, including Mr. Rajesh Shantilal Adani, Mr. Gautam Shantilal Adani, and Mr. Jugeshinder Singh, for their alleged role in devising the scheme and failing their responsibilities. MTPL and RIPL were alleged to have knowingly aided in the concealment. * A significant detail noted in the SCN and confirmed by the company is that all loans given by APSEZ to MTPL/RIPL, and loans taken by Adani Power and ADANIENT from MTPL/RIPL, were fully repaid along with interest on or before March 31, 2023. * ADANIENT was called upon to show cause for alleged violations of LODR Regulations, including Regulation 4(1), 4(2)(e)(i), 23(2), and 34(3) read with Ind-AS 24. * All noticees filed replies and attended hearings; settlement applications were initially filed in March 2024 but withdrawn in June 2025, leading to the final order's consideration.
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Adani Enterprises Limited filed this with the NSE as a statutory disclosure, categorised under legal. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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