India's SEBI lets Adani, four group firms settle public-float violations
SEBI said the companies and 14 directors, including Gautam Adani, paid 14.82 million rupees to settle proceedings over minimum public shareholding rules.
(Adds details and background throughout) Sept 28 (Reuters) — India's market regulator on Monday allowed Adani Group Chairman Gautam Adani and four group companies to settle regulatory lapses related to a 25% minimum public shareholding requirement. 15). Adani Group did not immediately respond to a Reuters request for comment. SEBI said it had received complaints in 2020 against the group's flagship company Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone Limited and Adani Transmission — now known as Adani Energy Solutions —claiming they were not in compliance with the regulator's minimum public float rules.
SEBI, in its notices to the companies and Adani, had alleged violations of the minimum public shareholding requirements and related shareholding disclosure rules, the order said. The settlement order does not require the companies to make any corrective shareholding disclosures, nor does it contain a regulatory finding on the alleged violations. The probe was part of the 24 investigations SEBI had undertaken after US-based short-seller Hindenburg alleged in 2023 that Adani group companies manipulated their stock prices through tax havens. Adani Group had denied the allegations.
In the last year, SEBI has allowed the group to settle several cases, although probes into whether certain offshore investors were used to circumvent Indian rules and whether there was manipulation in the trading of Adani Group shares are still pending. com)