Adani Group
Facts as of
When large Indian business groups failed or were constrained - the precedents on record
Documented outcomes for employees, lenders, customers and markets in Satyam, IL&FS, Jet Airways, Yes Bank and other cases, plus contract reviews abroad and the market and lending effects after the January 2023 Hindenburg report.
A dossier is a fact file. It records what is on record and who said what; it does not give a verdict. It is not scored and earns or loses no party points. How dossiers are written.
Overview
This file collects what the record shows when a large Indian business group failed, was restructured, lost contracts or faced regulatory action, and what happened to employees, lenders, customers and markets afterwards. The cases are Satyam (2009), Kingfisher Airlines (2012), IL&FS (2018), Jet Airways (2019), Yes Bank (2020), DHFL and Videocon (2021), the Reliance Communications and Anil Ambani group matters, and the Adani group’s 2023-24 episodes. Reliance Communications and the Anil Ambani group are separate from Reliance Industries.
The outcomes differ by legal route. Satyam and IL&FS were handled by replacing boards; Jet Airways, DHFL, Videocon and Reliance Communications went through the Insolvency and Bankruptcy Code, ending in liquidation for Jet Airways (7 November 2024, [1]) and in sale to another group for DHFL [7]; Yes Bank was reconstructed under a scheme in which SBI took a large stake [4]. Lender recoveries range from about 4 per cent of admitted claims in the Videocon plan [9] to about 40 per cent in DHFL [7]; IL&FS reports roughly 94 per cent of its target resolution value [6].
For the Adani group, the group’s market capitalisation was reported to fall from Rs 19.2 lakh crore on 24 January 2023 to Rs 10 lakh crore on 3 February 2023, while the Sensex and Nifty moved little on 2 February [16][17]. SBI put its exposure at 0.9 per cent of its loan book [16]. SEBI’s orders of 18 September 2025 found no violation in the matters covered [19][20]. Kenya cancelled two contracts in November 2024, Sri Lanka reviewed a wind project and Bangladesh saw payment disputes [21][22][23].
The cases are listed for reference. They are not predictions, and each differed in size, sector and legal setting.
Timeline
In date order. Each item shows what kind of statement it is, who is the actor, and where it comes from.
- EventSatyam Computer Services; centre-2004-manmohan-1 (INC-led) in office
Satyam chairman B. Ramalinga Raju tells SEBI by email that he inflated cash and bank balances and understated liabilities, and resigns; the Government of India then replaces the board.
Source [14]: The Satyam scandal: How India's biggest corporate fraud unfolded (seen in search results, not opened) - EventTech Mahindra
Tech Mahindra acquires Satyam (one source gives 13 April 2009; another describes a June 2009 merger, so the date is not settled in the sources reviewed).
Source [14]: The Satyam scandal: How India's biggest corporate fraud unfolded (seen in search results, not opened) - EventKingfisher Airlines; centre-2009-manmohan-2 (INC-led) in office
Kingfisher Airlines stops operating (year as reported) and enters insolvency proceedings. 17 banks led by SBI had lent about Rs 5,500 crore; a Debt Recovery Tribunal later set the airline's debt at Rs 6,203 crore including interest.
Source [11]: Vijay Mallya: Rs 14,131.6 cr recovery by FM Sitharaman is 'double my debt' (seen in search results, not opened) - FindingSEBI
SEBI bars Price Waterhouse & Co from issuing audit certificates for listed companies for two years in the Satyam matter and orders a Rs 13.09 crore payment.
Source [15]: PricewaterhouseCoopers banned for 2 years by SEBI in Satyam scam (seen in search results, not opened) - EventMinistry of Corporate Affairs; NCLT; centre-2014-modi-1 (BJP-led) in office
IL&FS group default; the Government of India applies to the NCLT, the board is replaced and a new board headed by Uday Kotak is appointed. The exact dates were not confirmed in a source opened for this file.
Source [6]: IL&FS resolves over Rs 57,500 crore of debt, nearing end of clean-up (opened; text not machine-readable; figures taken from a search-result summary of the group's status update; the 2018 supersession was not confirmed in an opened source) - EventJet Airways; centre-2014-modi-1 (BJP-led) in office
Jet Airways operates its last commercial flight and then suspends operations and enters insolvency.
Source [3]: Jet Airways liquidation: Supreme Court declines to interfere with PF, gratuity relief for workers (seen in search results, not opened) - EventLenders; NCLT; centre-2019-modi-2 (BJP-led) in office
Lenders submit claims of about Rs 49,000 crore against Reliance Communications in its insolvency (another report cites Rs 57,382 crore); insolvency began in 2019 (sources differ on the month).
Source [12]: SBI board allows RCom resolution plan, lenders to get Rs 23,000 cr (seen in search results, not opened) - EventReserve Bank of India; Government of India (centre-2019-modi-2, BJP-led)
RBI, after the Government applied under Section 45 of the Banking Regulation Act, places Yes Bank under moratorium from 5 March to 3 April 2020; draft reconstruction scheme published 6 March, with SBI to hold 49%.
Source [4]: Draft Yes Bank Ltd. Reconstruction Scheme, 2020 - press release of 6 March 2020 - EventGovernment of India
The Government of India notifies the Yes Bank reconstruction scheme (as referred to in a later RBI release; changes from the draft were not checked).
Source [4]: Draft Yes Bank Ltd. Reconstruction Scheme, 2020 - press release of 6 March 2020 - FindingNCLT Mumbai; centre-2019-modi-2
NCLT approves Twin Star Technologies' (a Vedanta group company) plan for Videocon Industries at Rs 2,962 crore against admitted claims of Rs 64,838.63 crore.
Source [9]: Vedanta arm is paying almost nothing for Videocon group, says NCLT (seen in search results, not opened) - FindingNCLT Mumbai; centre-2019-modi-2
NCLT Mumbai approves Piramal Group's resolution plan for DHFL; consideration reported as Rs 34,250 crore (Piramal filing) or Rs 37,250 crore (Business Standard), against admitted claims of Rs 87,082 crore.
Source [7]: NCLT approves Piramal Group's resolution plan for DHFL (seen in search results, not opened) - FindingNCLAT; Supreme Court
NCLAT sets aside the Videocon approval and orders the process re-run; Twin Star appeals to the Supreme Court, which preserves status quo in February 2022.
Source [10]: Vedanta's arm Twinstar Technologies urges top court to dismiss Venugopal Dhoot's appeal (seen in search results, not opened) - AllegationHindenburg Research; Adani group
Hindenburg Research publishes a report alleging stock manipulation and accounting problems at the Adani group; the group denies it.
Source [16]: Adani-Hindenburg row: SBI's total exposure to Adani Group is 0.9% of overall loan book, says chairman - Official statementState Bank of India
SBI says its exposure to the Adani group is well within the Large Exposure Framework and is secured by cash-generating assets.
Source [24]: Exposure to Adani group well below limit, says State Bank of India (seen in search results, not opened) - EventAdani Enterprises
Adani Enterprises withdraws its fully subscribed Rs 20,000 crore follow-on public offer and says it will refund investors.
Source [18]: Adani Enterprises withdraws FPO, to refund money to investors (seen in search results, not opened) - Official statementSBI; Reserve Bank of India
SBI chairman puts exposure at 0.9 per cent of the loan book (about Rs 27,000 crore); RBI says the banking sector 'remains resilient and stable'. Group market capitalisation reported at Rs 10 lakh crore versus Rs 19.2 lakh crore on 24 January.
Source [16]: Adani-Hindenburg row: SBI's total exposure to Adani Group is 0.9% of overall loan book, says chairman - FindingSupreme Court of India; centre-2019-modi-2
Supreme Court declines to transfer the investigation to an SIT and asks SEBI to complete pending investigations.
Source [20]: SEBI clears Gautam Adani and group of allegations made by Hindenburg Research - FindingSEBI; centre-2024-modi-3 in office from 2024-06-09
SEBI final order in the Reliance Home Finance matter bars Anil Ambani and 24 others from the securities market for five years (fine of Rs 25 crore on Mr Ambani). Order date as reported; the order itself was not opened.
Source [13]: Why SEBI banned Anil Ambani from securities market for five years - FindingSupreme Court of India; centre-2024-modi-3
Supreme Court (2024 INSC 852) sets aside the NCLAT approval of the Jalan Kalrock resolution plan for Jet Airways and orders liquidation under Article 142, allowing lenders to encash a Rs 150 crore performance guarantee.
Source [1]: State Bank of India v. Consortium of Murari Lal Jalan and Florian Fritsch (Jet Airways), 2024 INSC 852, 7 November 2024 (opened; liquidation under Article 142 and the Rs 150 crore performance guarantee read) - Official statementGovernment of Kenya
Kenya's President William Ruto orders cancellation of the JKIA airport expansion procurement and the KETRACO transmission contract involving the Adani group.
Source [21]: President Ruto cancels Adani deals for JKIA upgrade and KETRACO contract - Official statementGovernment of Sri Lanka
Sri Lanka's government revokes a May 2024 cabinet decision on Adani Green's 484 MW Mannar and Pooneryn wind project and appoints committees to review it (reports date the revocation 30 December 2024 or 2 January 2025).
Source [22]: Adani denies cancellation of wind power project (seen in search results, not opened) - EventBangladesh Power Development Board; Adani Power
Supply from Adani Power's Godda plant to Bangladesh is restored in full after payments resume; it had been cut by about 50 per cent in November 2024 amid unpaid dues.
Source [23]: Adani Power dues drop to $400m (seen in search results, not opened) - EventBangladesh Power Development Board
Bangladesh pays about $437 million, clearing dues for power supplied up to 31 March 2025 (as reported).
Source [23]: Adani Power dues drop to $400m (seen in search results, not opened) - EventState Bank of India; SMBC
SBI completes the sale of a 13.18 per cent stake in Yes Bank to Sumitomo Mitsui Banking Corporation for about Rs 8,889 crore at Rs 21.50 a share.
Source [5]: YES Bank stake sale: SBI gets Rs 8,889 crore as SMBC deal completes (seen in search results, not opened) - FindingSEBI; centre-2024-modi-3
SEBI passes final orders (Adicorp Enterprises; Milestone Tradelinks and Rehvar Infrastructure) finding no PFUTP or LODR violation on the facts alleged in the Hindenburg-related show-cause notices.
Source [19]: SEBI order in the matter of Adicorp Enterprises Private Limited, 18 September 2025 (opened; para 90: allegations in the show cause notice not established) - Official statementIL&FS
IL&FS status update to the NCLAT, as reported: resolution value Rs 57,556 crore, Rs 50,387 crore discharged to creditors, resolution complete for 205 of 302 entities.
Source [6]: IL&FS resolves over Rs 57,500 crore of debt, nearing end of clean-up (opened; text not machine-readable; figures taken from a search-result summary of the group's status update; the 2018 supersession was not confirmed in an opened source)
Claims
Findings, official statements, data and events are on record. An allegation is a claim that no finding has established; it is marked with a dashed border, a warning triangle and the words "Not established", and always shows its status and any response.
| Claim | Type | Made by | Status | Response | Source |
|---|---|---|---|---|---|
| SEBI's final order of August 2024 found that Anil Ambani, with Reliance Home Finance executives, devised a scheme to divert RHFL funds as loans to promoter-linked entities. | Finding | SEBI final order, August 2024 (as reported by The Week; the order was not opened) | Order issued; Mr Ambani appealed to the Securities Appellate Tribunal and sought a stay, as reported. Outcome of the appeal not verified; the order is a regulator's finding and is not a criminal conviction. | Mr Ambani appealed against the order (reported by Outlook Business); his stated response to the findings was not located. | [13]: Why SEBI banned Anil Ambani from securities market for five years |
| Not established by a findingHindenburg Research alleged in its report of 24 January 2023 that the Adani group manipulated its stock prices and used offshore entities improperly. | Allegation | Hindenburg Research | SEBI's final orders of 18 September 2025 found no PFUTP or LODR violation in the matters covered; a Supreme Court-appointed expert committee is reported to have found no evident pattern of manipulation in its interim report (May 2023); the Supreme Court on 3 January 2024 refused to move the probe to an SIT. Hindenburg has argued, per one secondary source, that over 40 media investigations corroborated its findings. | The Adani group called the report 'maliciously mischievous, unresearched' and denied wrongdoing. | [19]: SEBI order in the matter of Adicorp Enterprises Private Limited, 18 September 2025 (opened; para 90: allegations in the show cause notice not established) |
| Kenya's President said the cancellation of two Adani contracts followed new information from investigative agencies and partner nations, after the US charges of November 2024. | Official statement | President William Ruto, Government of Kenya; the US charges are allegations by US authorities against Gautam Adani and others | Kenya's High Court had earlier blocked the KETRACO deal on a petition by the Law Society of Kenya. US case status: the Adani Group dossier (asOf 2026-10-12) records dismissal of the criminal counts against three appearing defendants and a consent civil judgment on 10 August 2026, as reported. | Adani Group has denied all allegations as 'baseless' (reported elsewhere); Kenya's Energy Secretary told Parliament hours earlier that no corruption had been shown regarding the deal. | [21]: President Ruto cancels Adani deals for JKIA upgrade and KETRACO contract |
| Sri Lanka's review of the Adani Green wind project is a tariff re-evaluation, not a cancellation. | Official statement | Sri Lankan government spokesperson Nalinda Jayatissa; Adani Green | Government said the earlier pricing agreement was revoked and a committee set up; it aimed to reduce the tariff from 8.26 US cents to below 6 cents per kWh. Committee outcome not verified. | Adani said it was a standard review process after a change of government, per the Daily FT report. | [22]: Adani denies cancellation of wind power project (seen in search results, not opened) |
| Banks' lending exposure to the Adani group was within limits and the banking system stable. | Official statement | State Bank of India (27 January and 3 February 2023); Reserve Bank of India (3 February 2023) | Statements; LIC and other lenders' statements were not located in a source opened for this file. | Not applicable | [16]: Adani-Hindenburg row: SBI's total exposure to Adani Group is 0.9% of overall loan book, says chairman |
What the claim types mean
- Finding
- A court, regulator or statutory body's recorded finding or order. The order or judgment is cited.
- Official statement
- What a government, ministry, constitutional body or company officially said or filed.
- Allegation
- A claim by a party, petitioner, journalist, NGO or analyst that has not been established by a finding. Its current status and the named party’s response are always stated.
- Data
- A measured figure from an official or audited source, with its period and unit.
- Event
- A dated, uncontested occurrence, such as a notification issued, a bill passed or an arrest made.
Positions
Who says what, paraphrased with attribution. Every holder gets a card of the same size and the same fields.
State Bank of India, chairman Dinesh Khara, 3 February 2023
Said exposure to the Adani group was 0.9 per cent of the loan book, lending was for projects with tangible assets and cash flows, and any further financing would be 'evaluated on its own merit'.
Source [16]: Adani-Hindenburg row: SBI's total exposure to Adani Group is 0.9% of overall loan book, says chairmanReserve Bank of India, 3 February 2023
Said the banking sector 'remains resilient and stable' and noted banks report exposures of Rs 5 crore and above to its CRILC database.
Source [16]: Adani-Hindenburg row: SBI's total exposure to Adani Group is 0.9% of overall loan book, says chairmanPresident William Ruto, Kenya, 21 November 2024
Said 'In the face of undisputed evidence or credible information on corruption, I will not hesitate to take action'.
Source [21]: President Ruto cancels Adani deals for JKIA upgrade and KETRACO contractSBI chairman C. S. Setty, 2025
Described the 2020 Yes Bank restructuring as an innovative, first-of-its-kind public sector-private sector partnership.
Source [5]: YES Bank stake sale: SBI gets Rs 8,889 crore as SMBC deal completes (seen in search results, not opened)
Data tables
| Case | Date | Government in office | Who intervened | Employees | Lenders | Customers / services | Outcome as of 2026-10-12 |
|---|---|---|---|---|---|---|---|
| Satyam | 2009-01-07 | centre-2004-manmohan-1 (INC-led) | Government replaced the board; Tech Mahindra bought the company; SEBI later barred its auditor for two years | Not verified | Not verified | Company continued as part of Tech Mahindra (April or June 2009) | SEBI complaints against Raju brothers and auditors filed 2014; PwC bar and Rs 13.09 crore order Jan 2018 [14][15] |
| Kingfisher Airlines | 2012 | centre-2009-manmohan-2 (INC-led) | Banks led by SBI; Debt Recovery Tribunal; Fugitive Economic Offenders Act 2018 | Mr Mallya says the Enforcement Directorate released funds for payments to former employees (his claim, not confirmed) | Debt of Rs 6,203 crore per DRT; Finance Minister told Parliament in December 2024 banks recovered Rs 14,131.6 crore from his assets | Airline stopped flying | Mr Mallya declared a fugitive economic offender; disputes recovery figure; litigation continues [11] |
| IL&FS | 2018-10 | centre-2014-modi-1 (BJP-led) | Government via NCLT; new board under Uday Kotak | Not verified | Rs 99,355 crore overall debt; Rs 50,387 crore discharged by 2026-06-30 | Not verified | Resolution about 94 per cent of the Rs 61,000 crore target; 205 of 302 entities resolved [6] |
| Jet Airways | 2019-04-17 | centre-2014-modi-1 (BJP-led) | SBI-led lenders; NCLT; NCLAT; Supreme Court | About 11,800 former employees with about Rs 265 crore PF and gratuity dues (one report); NCLAT held statutory employee dues outside the liquidation estate and the Supreme Court declined to interfere, leaving the law question open | Lenders incurred costs up to Rs 386 crore (2023 report); Rs 200 crore infused by the bidder forfeited and Rs 150 crore guarantee invoked | Flights ended April 2019; no operator took over under the failed plan | Liquidation ordered 2024-11-07 [1][2][3] |
| Yes Bank | 2020-03-05 | centre-2019-modi-2 (BJP-led) | RBI and Government of India; SBI took 49 per cent in draft | Draft: pay and service terms protected for at least one year | Draft: deposits and liabilities unaffected; AT1 instruments written down in full; SBI lock-in of 26 per cent for three years | Bank continued operating under new board | SBI sold 13.18 per cent to SMBC in September 2025; SBI holds about 10.8 per cent [4][5] |
| DHFL | 2021-06-07 | centre-2019-modi-2 (BJP-led) | NCLT approved Piramal plan | Not verified | Lenders expected about 40 per cent of Rs 87,082 crore admitted claims; tribunal left fixed-deposit holders' treatment to lenders | Business continued under Piramal Capital and Housing Finance | Supreme Court later set aside an NCLAT order and held recoveries from fraudulent transactions go to the resolution applicant [7][8] |
| Videocon Industries | 2021-06 | centre-2019-modi-2 (BJP-led) | NCLT, NCLAT, Supreme Court | Not verified | Plan of Rs 2,962 crore against admitted claims of Rs 64,838.63 crore (about 4 per cent) | Not verified | NCLAT set aside the plan in January 2022; final Supreme Court outcome not verified [9][10] |
| Reliance Communications / Anil Ambani group | 2019 onward | centre-2019-modi-2 (BJP-led); centre-2024-modi-3 for the 2024 SEBI order | NCLT; creditors' committee; SEBI (RHFL case) | Not verified | Claims Rs 49,000-57,382 crore; creditors approved a plan in March 2020 with UV Asset Reconstruction (about Rs 14,700 crore) and Reliance Jio (about Rs 4,700 crore for tower and fibre assets) | Jio completed the tower and fibre purchase; transfer of other assets to UVARCL had not been cleared at the time reported | Current status not verified; the 2024 SEBI order concerns Reliance Home Finance, not RCom [12][13] |
| Date | Measure | Figure | Source |
|---|---|---|---|
| 2023-01-24 | Group market capitalisation | Rs 19.2 lakh crore | [16] |
| 2023-01-27 | SBI statement | Exposure 'well below' the Large Exposure Framework, secured by cash-generating assets with escrow mechanism | [24] |
| 2023-02-01 | Adani Enterprises follow-on offer | Rs 20,000 crore offer withdrawn | [18] |
| 2023-02-02 | Sensex and Nifty 50 | Intraday: Sensex down 96.34 points (0.16 per cent) at 59,611.74, Nifty down 65.95 points to 17,550.35; at close Sensex up 224.16 points and Nifty down 5.90 points. Adani Enterprises fell about 26.7 per cent that day | [17] |
| 2023-02-02 | Market capitalisation lost over six sessions (reported) | Rs 8.7 trillion; one report: $107 billion across nine group companies | [17] |
| 2023-02-03 | Group market capitalisation | Rs 10 lakh crore (about Rs 9 lakh crore lower than on 24 January) | [16] |
| 2023-02-03 | SBI exposure | 0.9 per cent of the loan book, about Rs 27,000 crore | [16] |
| 2023-02-03 | RBI | Banking sector 'remains resilient and stable' | [16] |
| Country | Date | Action | Stated reason | Status |
|---|---|---|---|---|
| Kenya | 2024-11-21 | President orders cancellation of the JKIA PPP procurement (about Ksh 260 billion over 30 years) and the KETRACO transmission contract (about Ksh 95 billion) | 'New information provided by our investigative agencies and partner nations'; US charges | Alternative partners to be brought in; replacement not verified [21] |
| Sri Lanka | 2024-12-30 or 2025-01-02 | Cabinet revokes May 2024 approval of the 484 MW wind project; committees appointed; renegotiation of 8.26 US cents/kWh tariff sought | Review by new government; five court cases pending from environmental groups | Government and Adani both said it was not cancelled at the time; the Adani Group dossier records that Adani Green withdrew in February 2025 [22] |
| Bangladesh | 2024-11 to 2025-06 | Godda plant supply cut about 50 per cent in November 2024 over unpaid dues (about $800 million claimed in September 2024); payments resumed; $437 million paid June 2025; BPDB sought a PPA revision | Unpaid dues; Bangladesh sought PPA revision | Supply fully restored March 2025; PPA revision unresolved at the time reported; a January 2026 Bangladesh review committee report is in the Adani Group dossier [23] |
What these facts do not show
- That these precedents are forecasts. Each case differed in size, sector, legal setting (company law, insolvency code, banking law or a foreign government) and period, and no extrapolation to any current group is made or implied.
- How any future government, regulator or court would act in a comparable situation involving any group.
- That the Hindenburg-period fall in group market value measures the intrinsic value or conduct of the group; SEBI found no violation in the matters it decided, while some allegations and US proceedings are separate and their status here is as last reported.
- Gaps: employee, customer and lender outcomes for Satyam, IL&FS and Videocon; LIC's and other lenders' statements after January 2023; the final Videocon, RCom and Anil Ambani SAT appeal outcomes; and the Reliance Communications current status were not verified within the research budget.
Sources
Numbers in square brackets refer to this list. Types: primary, official data and court sources are weighed above media and academic ones.
- Draft Yes Bank Ltd. Reconstruction Scheme, 2020 - press release of 6 March 2020Reserve Bank of IndiaPrimary
- SBI board allows RCom resolution plan, lenders to get Rs 23,000 cr (seen in search results, not opened)Business Standard / PTIMedia
- SEBI order in the matter of Adicorp Enterprises Private Limited, 18 September 2025 (opened; para 90: allegations in the show cause notice not established)Securities and Exchange Board of IndiaPrimary
- SEBI clears Gautam Adani and group of allegations made by Hindenburg ResearchAll India Radio NewsMedia
- President Ruto cancels Adani deals for JKIA upgrade and KETRACO contractCitizen Digital (Kenya)Media
- Adani denies cancellation of wind power project (seen in search results, not opened)Daily FT (Sri Lanka)Media
- Adani Power dues drop to $400m (seen in search results, not opened)The Financial Express (Bangladesh)Media
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Printed from https://indiareview.pages.dev/dossiers/large-groups-failed-or-constrained-precedents/. Facts as of 12 Oct 2026; check the sources for later developments.