Four Adani group companies, its chairman Gautam Adani, and 13 others have settled proceedings with the market regulator Securities and Exchange Board of India (Sebi) by paying a cumulative sum of ₹1.48 crore under the settlement regulations.
This is the third settlement order this month by Sebi involving the coal-to-port conglomerate.
The matter pertained to alleged non-compliance with the minimum public shareholding requirements for certain listed companies.
The market regulator had issued a show-cause notice in the matter in September 2024—following examinations stemming from certain complaints during June and July 2020.
Based on the preliminary examination, Sebi had initiated investigations in October 2020 involving Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Energy Solutions (earlier Adani Transmission).
A supplementary show-cause notice was sent to the entities in March 2025, following which the companies filed settlement applications—without admitting or denying Sebi’s findings.
Along with the group firms, the settlement order also disposes of proceedings against Adani Enterprises Managing Director Rajesh Adani and board member Pranav Adani, among others.
Sebi’s internal committee had informed the companies about the revised terms of settlement in May this year, while the high-powered advisory committee agreed to the terms in June.
With the settlement amount remitted in August 2026, the market regulator has disposed of the proceedings against the companies and the individuals.
Last week, five companies of the Adani group settled adjudication proceedings with Sebi for ₹1.51 crore over an alleged lapse in the disclosure of related-party transactions.
The case had originated from Sebi’s examination into allegations of undisclosed related-party transactions (RPTs) and corporate governance lapses flagged in a report by the now-defunct Hindenburg Research.
Earlier this month, Adani Ports and Special Economic Zone (APSEZ) Managing Director Karan Adani and Chief Financial Officer B Ravi settled adjudication proceedings with the market regulator in a matter involving PMC Projects. Under the settlement mechanism, both paid ₹13.65 lakh each, following which the proceedings were disposed of.
The settlement order on September 10 had stated that the investigations were in respect of the banking transactions and inter-corporate security deposits among PMC Projects (India), APSEZ and its subsidiaries.
Last year in September, Sebi had closed proceedings against Adani group companies, group Chairman Gautam Adani, and associated entities facing accusations of fund diversion, violations of related-party transaction (RPT) norms, and fraud.
In two separate orders, the regulator had exculpated the group in the matter of allegations made by short-seller Hindenburg Research in 2023, effectively bringing the curtains down on the saga that had triggered a ₹12 trillion market-cap rout at the business group.