Adani Group entities seek settlement with Indian market regulator

Entities linked to the Adani Group are seeking to settle a case with the Indian market regulator over alleged violations of public shareholding regulations at some listed companies, the Economic Times said on Tuesday.

The Securities and Exchange Board of India (SEBI) issued notices to Adani Enterprises, Adani Power, Adani Ports, and Adani Energy for wrongly categorising shareholding of certain entities.

The group’s failure to meet the minimum public shareholding requirement dates back to 2020. SEBI aimed to recover around 25 billion rupees ($295 million) from the entities, as reported by ET.

Adani Enterprises, along with director Vinay Prakash, and Ambuja Cements director Ameet Desai have proposed a settlement, according to ET.

Additionally, Emerging India Focus Funds (EIFF), a Mauritius-based foreign portfolio investor linked to Vinod Adani, brother of Adani Group Chairman Gautam Adani, has proposed a 2.8-million-rupees ($33,035) settlement, as per ET.

The report lacked details on other settlement applications. Last week, the Adani Group submitted proposals in response to a show-cause notice from SEBI. About 30 Adani Group entities received the notice and have disputed the charges.

The settlement application is a precautionary step, according to a source cited by ET. The Adani Group has not yet responded to a request for comment from Reuters.

Attribution: Reuters

Subediting: M. S. Salama