Adani Group logo.
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Mumbai: Securities and Exchange Board of India (SEBI) has sent notices of regulatory violations to six companies of the Adani conglomerate, including its flagship Adani Enterprises , the group said in stock exchange filings.
On Thursday, Adani Enterprises said the SEBI sent it two notices in the March quarter saying it had not complied with provisions for listed companies and violated disclosure rules on some related-party transactions.
The company did not detail the alleged violations or the parties involved.
But it said the management believed the notices had no "material consequential effect" for relevant financial statements and there was "no material non-compliance of applicable laws and regulations".
A spokesperson for the Adani group did not immediately respond to requests for comment.
The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations it has denied.
Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Wilmar, and Adani Ports have also received notices from SEBI in the March quarter, the companies told the exchanges.
Shares of the companies were down between 0.1% and 1.6% on Friday.
Adani Power said the notices it received said some third-party transactions were not reported in the relevant years' financial statements or annual reports, and the requisite review and approvals of such transactions had not been sought.
Adani Wilmar and Adani Total said their SEBI notice concerned the validity of a so-called peer review certificate of their auditor for a previous financial year.
Auditors for Adani Ports, Adani Power and Adani Enterprises have also issued a so-called qualified opinion because of the SEBI investigations.
Pending the outcome of the investigations, the auditors said, they were unable to comment on the possible consequential effect on any periods presented in the financial statements and whether the company had complied with applicable laws and regulations.