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Adani Executives Settle Charges Without Admitting Fault
10 Sep
Summary
- Two Adani Ports executives settled disclosure breach allegations.
- Each executive paid 1.37 million rupees to resolve the case.
- The settlement is part of a broader review following Hindenburg allegations.
India's market regulator, SEBI, has settled disclosure violation charges against two key executives at Adani Ports and Special Economic Zone Ltd (APSEZ). The CEO and CFO each paid 1.37 million rupees to resolve the case, without admitting or denying the allegations.
The settlement stems from an investigation into banking transactions and inter-corporate security deposits involving PMC Projects, Adani Ports, and its subsidiaries. SEBI had issued notices to the executives in 2023 concerning alleged rule violations regarding financial statement accuracy and internal controls.
This resolution is one of 24 cases SEBI is examining following Hindenburg's January 2023 report, which accused the Adani group of manipulating share prices. The group has consistently denied these allegations. The executives' settlement concludes SEBI's specific investigation into their role.
