Based on its findings, SEBI initiated adjudication proceedings against the five companies for alleged violations relating to disclosures and financial statements.
In the case of Adani Enterprises, SEBI alleged that related-party transactions between its subsidiary Adani Estates Private Limited and Vakoder Investment Limited, described as a related party of Adani Enterprises, were not disclosed in the company's annual report for financial year 2012-13 in accordance with the applicable accounting standard.
SEBI also alleged that certain audit and limited review reports of Adani Enterprises were signed by Dharmesh Parikh & Co LLP and Shah Dhandharia & Co LLP when the firms did not hold valid Peer Review Certificates.
Based on its findings, SEBI initiated adjudication proceedings against the five companies for alleged violations relating to disclosures and financial statements.
In the case of Adani Enterprises, SEBI alleged that related-party transactions between its subsidiary Adani Estates Private Limited and Vakoder Investment Limited, described as a related party of Adani Enterprises, were not disclosed in the company's annual report for financial year 2012-13 in accordance with the applicable accounting standard.
SEBI also alleged that certain audit and limited review reports of Adani Enterprises were signed by Dharmesh Parikh & Co LLP and Shah Dhandharia & Co LLP when the firms did not hold valid Peer Review Certificates.
