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Adani Group and affiliates cleared of Sebi proceedings Proceedings related to alleged violations of minimum public shareholding norms Sebi initiated investigation after complaints in 2020
Adani Group chairman Gautam Adani, four group companies and 13 others on Monday were cleared of proceedings initiated by markets regulator Sebi over alleged violations of minimum public shareholding (MPS) norms by paying a settlement amount of Rs 1.48 crore.
The clearance 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.
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 end the proceedings without admitting or denying the facts and conclusions of law. As per the order passed on Monday, the applicants paid a total amount of Rs 1.48 crore. With this, Sebi directed that the proceedings arising from the SCN and supplementary SCN be disposed of. (Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.) Track Latest News Live on NDTV.com and get news updates from India and around the world
Adani Group and affiliates cleared of Sebi proceedings Proceedings related to alleged violations of minimum public shareholding norms Sebi initiated investigation after complaints in 2020