Adani Ports and Special Economic Zone (APSEZ) Managing Director Karan Adani and former chief financial officer B Ravi have settled adjudication proceedings involving PMC projects with the Securities and Exchange Board of India (SEBI).
Both have paid ₹13.65 lakh each on September 5, following which the proceedings were disposed of. The regulator had issued show-cause notices to the two executives on November 22, 2023.
The regulator’s investigation covered compliance with provisions of the Securities Contracts (Regulation) Act, 1956, the Sebi Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in relation to the transactions between PMC Projects and APSEZ and its subsidiaries.
SEBI probe
The proceedings relate to SEBI’s investigation into banking transactions and inter-corporate security deposits between PMC projects, APSEZL and its subsidiaries. The regulator had alleged that the two executives violated provisions of the SEBI LODR regulations, along with Securities Contracts (Regulation) Act.
Their authorised representatives subsequently submitted replies and filed settlement applications in January 2024 under the SEBI (Settlement Proceedings) Regulations, 2018.
The recommendation of the High Powered Advisory Committee on settlement terms was approved by a panel of SEBI’s whole-time members on August 13.