sebi:WTM/KV/CFID/CFID-SEC1/31672/2025-26
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
No violation established; show-cause notice dated January 15, 2024 disposed of with no direction and no monetary penalty.
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 19
- s. 12A
- s. 27
- s. 76
- s. 4A
Regulations
- Reg. 3
- Reg. 4
- Reg. 8
- Reg. 2
- Reg. 3(c)
- Reg. 4(2)(f)
- Reg. 4(1)
- Reg. 17(8)
- Reg. 1
- Reg. 2(1)(f)
Holding
The loan transactions between Noticee No. 1 (APSEZ) and Noticee Nos. 2 and 3 (APL and AEL) routed through Noticee Nos. 7 and 8 (MTPL and RIPL) during FYs 2018-19 to 2022-23 are not related party transactions under the un-amended LODR Regulations, and no scheme, fraud or unfair trade practice under the SEBI Act and PFUTP Regulations was established.
Full text
Final order in the matter of Hindenburg Allegations against Adani Group with respect to transactions with Milestone Tradelinks Pvt. Ltd. and Rehvar Infrastructure Pvt. Ltd.
Final order in the matter of Hindenburg Allegations against Adani Group with respect to transactions with Milestone Tradelinks Pvt. Ltd. and Rehvar Infrastructure Pvt. Ltd.
Final order in the matter of Hindenburg Allegations against Adani Group with respect to transactions with Milestone Tradelinks Pvt. Ltd. and Rehvar Infrastructure Pvt. Ltd.
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Source: SecMarx — sebi:WTM/KV/CFID/CFID-SEC1/31672/2025-26. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.