SEBI Issues Orders Regarding Hindenburg Allegations Against Adani Group
The involvement of SEBI investigation and potential penalties could have significant financial and reputational consequences for the company.
The news reports on regulatory scrutiny and potential non-compliance, indicating a negative outlook.
* SEBI issued two orders on September 18, 2025, regarding Hindenburg allegations against the Adani Group concerning transactions with Adicorp Enterprises Private Limited. * The allegations involve routing funds between Adani Ports & Special Economic Zone Limited (APSEZ) and Adani Power Limited (APL) through Adicorp during FY 2012-13 to 2020-21. * SEBI investigated if Adani Group circumvented regulations through misrepresentations in financial statements. * The Show Cause Notice (SCN) alleged that APSEZ transferred ₹1,282 crore to Adicorp, which then transferred the same amount to APL during FY 2012-13 and FY 2018-19. * APL allegedly repaid the amount with interest to Adicorp, which then repaid APSEZ. * ALL (Adani Logistics Ltd.), a subsidiary of APSEZ, also provided loans to Adicorp, which were then transferred to APSEZ. * SEBI questioned the genuineness of these transactions due to Adicorp's limited physical presence, significant transactions with Adani Group, low net worth, and director's relationship with the Adani family. * The SCN alleged non-disclosure of these transactions as related party transactions (RPTs) in the annual reports of APSEZ and APL, and lack of audit committee approvals. * It was alleged that Rajesh Adani and Gautam Adani, being common members in the Finance Committees, were instrumental in routing funds. * SEBI alleged that shareholders were kept in dark and not informed of the alleged funds/loans transactions that transacted between APSEZ and APL through Adicorp. * Specific allegations include structuring transactions to conceal RPTs, making incorrect disclosures in annual reports, and not complying with audit committee review/approvals.
What to do with a filing like this
Adani Power Limited filed this with the NSE as a statutory disclosure, categorised under regulatory filings. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Adani Power Limited. Read the original for the full detail.