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Adani Group Chairman Gautam Adani, four group companies and 13 others have received relief from legal proceedings initiated by India’s market regulator SEBI over alleged violations of minimum public shareholding (MPS) requirements.
According to Indian media outlet NDTV, the parties paid a settlement fee of Rs14.8 million to resolve the proceedings without admitting or denying the findings and conclusions of the regulator.
The order, passed on Monday, 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.
SEBI initiated action after receiving complaints in June and July 2020 alleging that certain listed Adani Group companies had failed to comply with MPS requirements.
Following a preliminary examination, the Securities and Exchange Board of India began an investigation on October 23, 2020.
After completing the investigation, SEBI issued a show-cause notice on September 27, 2024, followed by a supplementary notice on March 3, 2025.
The notices alleged violations of MPS-related provisions under the Securities Contracts (Regulation) Rules, the erstwhile Listing Agreement and SEBI’s Listing Obligations and Disclosure Requirements regulations.
The applicants subsequently proposed settling the proceedings without admitting or denying the allegations, findings or conclusions.
Under Monday’s order, the applicants paid a total settlement amount of Rs14.8 million. Following the payment, SEBI directed that all proceedings arising from the show-cause and supplementary notices be disposed of.