sebi:WTM/KV/CFID/CFID-TPD/31671/2025-26
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 found; SCN allegations not sustained
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 19
- s. 12A
- s. 15H
- s. 27
- s. 23A
- s. 89
- s. 2(76)
- s. 188
- s. 76
- s. 4A
- s. 271
Regulations
- Reg. 3
- Reg. 4
- Reg. 8
- Reg. 2
- Reg. 3(c)
- Reg. 23
- Reg. 4(2)(k)
- Reg. 4(2)(f)
- Reg. 4(1)(a)
- Reg. 48
- Reg. 24
- Reg. 1
Parties
- Adani Ports and Special Economic Zone Limited (Noticee no.1)
- Adani Power Limited (Noticee no.2)
- Adicorp Enterprises Private Limited (Noticee no.3)
- Gautam Adani (Noticee no.4)
- Rajesh Adani (Noticee no.5)
Holding
The transactions between Adani Ports and Special Economic Zone Limited and Adani Power Limited through Adicorp Enterprises Private Limited during FY 2012-13 to 2020-21 were not 'related party transactions' under the then-applicable Listing Agreement or LODR Regulations, and no scheme or artifice to conceal related party transactions was established. There was no violation of Section 12A(b) and (c) of the SEBI Act or the PFUTP Regulations.
Full text
Final order in the matter of Hindenburg Allegations against Adani Group with respect to transactions with Adicorp Enterprises Private Limited
Final order in the matter of Hindenburg Allegations against Adani Group with respect to transactions with Adicorp Enterprises Private Limited
Final order in the matter of Hindenburg Allegations against Adani Group with respect to transactions with Adicorp Enterprises Private Limited
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Source: SecMarx — sebi:WTM/KV/CFID/CFID-TPD/31671/2025-26. 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.