Gautam Adani, 4 group companies settle shareholding norm violation case with SEBI for Rs 1.48 crore

Adani Group chairman Gautam Adani four group companies and 13 others on Monday settled proceedings initiated by markets regulator Sebi over alleged violations of minimum public shareholding MPS norms by paying a settlement amount of Rs 148 croreThe 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 directorsThe proceedings stemmed from complaints received by Sebi in June and July 2020 alleging noncompliance with MPS requirements by certain listed Adani Group companiesFollowing a preliminary examination Sebi initiated an investigation on October 23 2020 After completion of the investigation the regulator issued a showcause notice SCN on September 27 2024 followed by a supplementary SCN on March 3 2025The notices alleged violations relating to MPS requirements prescribed under the Securities Contracts Regulation Rules the erstwhile Listing Agreement and Sebis Listing Obligations and Disclosure Requirements LODR RegulationsThe applicants subsequently proposed to settle the proceedings without admitting or denying the facts and conclusions of lawAs per the settlement order passed on Monday the applicants paid a total settlement amount of Rs 148 croreWith the settlement Sebi directed that the proceedings arising from the SCN and supplementary SCN be disposed ofSeparately the regulator has imposed a fine of Rs 20 lakh each on Nasser Ali Shaban Ahli and Chang ChungLing in the matterLast week five Adani group companies settled adjudication proceedings with Sebi for Rs 151 crore over an alleged lapse in the disclosure of relatedparty transactionsThe proceedings stemmed from Sebis examination into allegations and corporate governance issues highlighted in the Hindenburg Research report including possible violations of listing regulations and the erstwhile listing agreementIn September 2025 Sebi cleared billionaire Gautam Adani and his group of allegations by USbased short seller Hindenburg Research that the group had routed funds through related parties to its listed companiesHindenburg which has since shut down in January 2023 published a damning report against the Adani Group alleging Adicorp Enterprises Milestone Tradelinks and Rehvar Infrastructure were used as a conduit to route funds from various Adani Group companies to fund publicly listed Adani Power and Adani EnterprisesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever