Adani Energy Solutions announced on Tuesday that it has received a show cause notice (SCN) from the Securities and Exchange Board of India (Sebi) regarding the incorrect classification of certain shareholders. The company revealed this information in its exchange filing for the results of the September quarter, without providing additional details.
The notice alleges that the company misclassified some shareholders as public when they should not have been categorized that way. Adani Energy Solutions stated that it will respond to Sebi and other regulatory authorities by providing the necessary information and clarifications.
Additionally, the company mentioned that it had previously received another SCN from Sebi during the March quarter. This notice was related to the validity of peer review certificates from one of its former statutory auditors concerning an earlier period. The management stated that they had already addressed that query from Sebi.
The company did not respond to further inquiries from Economic Times. Earlier in June, the Chief Financial Officer of the Adani Group described the Sebi notices sent to several of its listed companies as “procedural” and confirmed that the group was in compliance with regulations. In May, seven out of ten listed firms in the Adani Group disclosed receiving show cause notices from Sebi for alleged violations related to party transactions and listing regulations.
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