SEBI gave a big blow to Adani, the matter is related to electricity
Adani Group’s power transmission energy company Adani Energy Solutions Limited (AESL) has been dealt a big blow. The Securities and Exchange Board of India (SEBI) has issued a notice to Adani’s company. The company is accused of wrongly categorizing some investors as public shareholders. Adani Energy works on power-related projects of the group.
Adani Energy Solutions Limited (AESL) said on Tuesday that it has received a notice from SEBI. It has been accused of wrongly showing some investors as public shareholders.
Relief to Adani Green Energy Limited
Without giving details in the notes to its second quarter results, the company said that it would provide information and clarification related to this matter to regulatory and government officials. The relief news for the group is that renewable energy firm Adani Green Energy Limited has not received any new notice from SEBI.
The company will respond to the notice
AESL said that it has received a show cause notice (SCN) from SEBI for incorrectly showing the shareholding of some parties as public shareholding during the current quarter.
On this matter, the company said that it will respond to the regulatory and government authorities by providing information, response, documents and/or clarification from time to time.
SEBI rule
According to SEBI’s listing rules, at least 25 percent stake in a listed company should be held by public investors. Seven of the 10 listed companies of the Adani Group received a show cause notice from the Securities and Exchange Board of India (SEBI) for alleged violation of related party transactions and non-compliance of listing rules in the quarter ended March 31.
SEBI notice was also sent to these companies
Adani Group’s flagship company Adani Enterprises Limited, renewable energy firm Adani Green Energy Limited (AGEL) and city gas distributor Adani Total Gas Limited said in May that SEBI has sent notices to the parent company or holding company controlled by group chairman Gautam Adani, port company Adani Ports and Special Economic Zone, Adani Power, electricity transmission company Adani Energy Solutions and commodity company Adani Wilmar.
