Several entities linked to the Adani Group have approached the India markets regulator seeking to settle a case that accuses them of violating public shareholding regulations at some listed companies, the Economic Times reported on Tuesday.
The Securities and Exchange Board Of India (SEBI) had sent notices to Adani Enterprises, the group’s flagship company, as well as Adani Power, Adani Ports and Adani Energy alleging they had wrongfully categorised the shareholding of certain entities.
The groups’ breaches of a minimum public shareholding requirement date back to 2020 and the SEBI had sought to recover about 25 billion rupees ($295 million) from the entities, ET said.
Adani Enterprises and one of its directors, Vinay Prakash, as well as an Ambuja Cements director, Ameet Desai, have proposed a settlement, ET reported.
Another proposal for a 2.8-million-rupees ($33,035) settlement is from Emerging India Focus Funds (EIFF), a Mauritius-based foreign portfolio investor that the SEBI says is linked to Vinod Adani, brother of Adani Group Chairman Gautam Adani, ET said.
The report did not have information regarding other settlement applications.
