Adani Ports and Special Economic Zone Ltd has announced that its former Chief Financial Officer (CFO) B Ravi and current Managing Director Karan Adani have reached a settlement with the Securities and Exchange Board of India (SEBI).
The settlement orders, issued by SEBI, conclude proceedings related to alleged violations of Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Both B Ravi and Karan Adani have each paid a settlement amount of Rs 13.65 lakh, without admitting or denying the findings of facts or conclusions of law.
Settlement Details and Company Impact
According to an exchange filing by Adani Ports, the proceedings specifically concerned PMC Projects (India) Pvt Ltd and its relationship with Adani Ports and its subsidiaries. The company emphasized that this settlement has no financial impact on Adani Ports and Special Economic Zone Ltd.
Regulation 17(8) generally pertains to the responsibilities and obligations of the board of directors of listed entities, ensuring good corporate governance practices.
Recent Developments for Adani Ports
In separate news, Adani Ports recently secured a Letter of Award (LoA) to develop and operate two dry bulk berths at Paradip Port in Odisha. This development highlights the company's continued expansion in the port infrastructure sector.
Adani Ports' shares were trading marginally lower following the settlement announcement, reflecting typical market reactions to such regulatory news.