SEBI orders forensic audit of SunEdison over related party deal
Photo Credit: Reuters

The capital market regulator has ordered the stock exchange to do a forensic audit of SunEdison Infrastructure after minority investors objected to a “slump sale” deal inked by the firm last year to transfer its assets. 

The Securities and Exchange Board of India (SEBI) has also barred the firm from going ahead with the deal.

In June last year, the company had entered into an agreement with entities including promoters to transfer certain SunEdison Infrastructure assets.

The transfer would have been made to related party SunEdison Energy Solutions.   

Following the announcement of the deal, minority investors of SunEdison Infrastructure alleged a slump sale at an extremely low valuation. 

They pointed out that the valuations of agri assets and C&I assets had been reduced from Rs 228 crore to Rs 62.7 crore on the balance sheets six months before the deal without any clarification.

Moreover, the slump sale was being carried out at Rs 45 crore. 

This figure was further reduced to Rs 24.6 crore without any reasoning or intimation to the stock exchange, they alleged. 

In defence, SunEdison Infrastructure said: “The company believes that the complaint and the interim order passed by SEBI should be reversed post the audit to be conducted by BSE. The company is also in the process of issuing a reply to SEBI with regard to the interim order.” 

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