Adani Group Dismisses SEBI Notices as Procedural, Trivial

The Adani Group's Chief Financial Officer, Jugeshinder Singh, stated that SEBI's notices to half a dozen listed companies are trivial and procedural. He emphasized full regulatory compliance and dismissed concerns about violations. The notices are part of a probe following allegations by Hindenburg Research, which the Adani Group has denied.

The Adani Group's Chief Financial Officer, Jugeshinder Singh, on Tuesday downplayed the significance of SEBI notices sent to its six listed companies, labelling them as 'procedural and trivial.' Singh reassured reporters that the conglomerate is in full compliance with regulations.

In May, seven out of the 10 listed Adani firms had disclosed receiving show cause notices from the Securities and Exchange Board of India (SEBI). The notices pertain to alleged violations concerning related party transactions and non-compliance with listing regulations.

'Some of the notices are trivial,' Singh noted, adding that there was 'no wrongdoing' and emphasizing, 'If there was any violation, SEBI would have leaked it to the media or markets by now.' The notices are part of an ongoing probe triggered by allegations from US short-seller Hindenburg Research in January 2023, which the Adani Group has vehemently denied.

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