Company Receives Two Show Cause Notices From Sebi; Check List Of Adani Group Companies Who Received Similar Notices

Sebi is also asking a clutch of global funds about allegations of improper disclosures and market manipulation in Adani Group stocks, Bloomberg News reported last month.

Adani Enterprises received two show-cause notices from the Securities and Exchange Board of India, or Sebi, related allegations of non-compliance of rules on stock exchange listing, related party transactions and validity of auditor certificates in the past, according to an exchange filing on 2nd May. No material impact is expected from these regulatory queries, it added.

After the Hindenburg Research alleged Adani conglomerate of fraud and stock price manipulation last year in January 2023, a top court initiated a probe and Sebi queries are part of the same probe. Adani had denied all the allegations; it triggered a stock of the company and that took over $100 billion of the group’s market value. 

List Of Adani Firms Receive SEBI Notices

Not only Adani enterprises but other companies of the group also received such communication. Adani Ports & Special Economic Zone Ltd, Adani Power LtdAdani Wilmar Ltd, Adani Energy Solutions Ltd. and Adani Total Gas Ltd. also informed bourses this week about Sebi’s show-cause notices, reported Business Standard. It also claimed that it was unlikely to have any impact based on the legal advice they have taken. Auditors for these firms, except Adani Total and Adani Wilmar, have issued a qualified opinion, implying that it might affect financial statements in the future.

Adani Enterprises Q4 Results: Profit Falls

Adani Enterprises Ltd, on 2nd May 2024, reported a 37 per cent drop in March quarter net profit as cost of input materials more than doubled.

Consolidated net profit of Rs 450.58 crore in January-March 2023-24 is compared with Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a BSE filing by the company.

Operating as well as cost of input materials soared during the quarter.

Revenue from operations was up at Rs 29,180.02 crore in the quarter under review from Rs 28,943.84 crore in January-March 2023.

For the full fiscal year 2023-24, net profit soared 31 per cent to Rs 3,240.78 crore. This is despite revenue from operations falling to Rs 96,420.98 crore from Rs 127,539.50 crore in 2022-23. 

(With Inputs From PTI)



FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Todays Chronic is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – todayschronic.com. The content will be deleted within 24 hours.

Leave a Comment