Adani Energy Solutions gets Sebi notice on shareholder classification

ET BureauLast Updated: Oct 23, 2024, 05:38:00 AM IST

Synopsis

Without disclosing further details, the company mentioned the receipt of the SCN in its exchange filing for the September quarter results.

Mumbai: Adani Energy Solutions Tuesday said it received a show cause notice (SCN) from the Securities and Exchange Board of India (Sebi) during the September quarter for wrongful categorisation of shareholders.

Without disclosing further details, the company mentioned the receipt of the SCN in its exchange filing for the September quarter results.

"During the current quarter, a show cause notice has been received alleging wrongful categorisation of shareholding of certain entities as public shareholding and consequences therefrom. The company will respond to the regulatory and statutory authorities by providing information, responses, documents and/or clarifications, as applicable, in the due course of time," the company said in its disclosures.

The company also said that it had received another SCN from Sebi in the March quarter related to the validity of peer review certificates of one of the former statutory auditors in respect of an earlier period. The management responded to that query from Sebi.

Adani Energy Solutions did not respond to ET's queries.

Earlier in June, the Adani Group's CFO termed Sebi notices to its half a dozen listed companies as "procedural" and said the conglomerate was compliant with regulations.

Seven of the 10 listed Adani Group firms in May disclosed that they had received show cause notices from Sebi for alleged violations of related party transactions and non-compliance with listing regulations.

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