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

Representational Image. File pic.

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 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.

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.

Separately, the regulator has imposed a fine of Rs 20 lakh each on Nasser Ali Shaban Ahli and Chang Chung-Ling in the matter.

Last week, five Adani group companies settled adjudication proceedings with Sebi for Rs 1.51 crore over an alleged lapse in the disclosure of related-party transactions.

The proceedings stemmed from Sebi's examination into allegations and corporate governance issues highlighted in the Hindenburg Research report, including possible violations of listing regulations and the erstwhile listing agreement.

In September 2025, Sebi cleared billionaire Gautam Adani and his group of allegations by US-based short seller Hindenburg Research that the group had routed funds through related parties to its listed companies.

Hindenburg, 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 Enterprises.

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