Adani Group chairman Gautam Adani, four group companies and 13 others on Monday were cleared of proceedings initiated by markets regulator Securities & Exchange Board of India (SEBI) over alleged violations of minimum public shareholding (MPS) norms by paying a settlement amount of Rs 1.48 crore.
The settlement covers Adani Enterprises Ltd, Adani Power Ltd, Adani Ports and Special Economic Zone Ltd, and Adani Transmission Ltd, now known as Adani Energy Solutions Ltd, along with their directors.
The proceedings stemmed from complaints received by Sebi in June and July 2020 alleging non-compliance with MPS requirements by certain listed Adani Group companies.
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Following a preliminary examination, Sebi initiated an investigation on October 23, 2020. After completion of the investigation, the regulator issued a show-cause notice (SCN) on September 27, 2024, followed by a supplementary SCN on March 3, 2025.
The notices alleged violations relating to MPS requirements prescribed under the Securities Contracts (Regulation) Rules, the erstwhile Listing Agreement and Sebi's Listing Obligations and Disclosure Requirements (LODR) Regulations.
The applicants subsequently proposed to settle the proceedings without admitting or denying the facts and conclusions of law.
As per the settlement order passed on Monday, the applicants paid a total settlement amount of Rs 1.48 crore. With the settlement, Sebi directed that the proceedings arising from the SCN and supplementary SCN be disposed of.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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