Adani Ports and Special Economic Zone Limited has announced a settlement order issued by SEBI concerning Mr. B. Ravi (former CFO) and Mr. Karan Adani (MD). Both individuals filed settlement applications to resolve proceedings related to alleged violations of listing regulations. They have paid a settlement amount of INR 13,65,000 each to resolve these matters without admitting or denying the findings.
SEBI Settlement for Adani Executives
Adani Ports and Special Economic Zone Limited (the “Company”) has disclosed that the Securities and Exchange Board of India (SEBI) has passed a Settlement Order. This order pertains to settlement applications filed by Mr. B. Ravi, the former Chief Financial Officer, and Mr. Karan Adani, the Managing Director of the Company.
Regulatory Proceedings Resolved
The settlement was reached under the SEBI (Settlement Proceedings) Regulations, 2018. The applications were filed to resolve proceedings initiated for alleged violations of Regulation 17(8) read with Paragraph B of Part B of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 21 of the Securities Contracts (Regulation) Act, 1956. Both Mr. Ravi and Mr. Karan Adani have paid a settlement amount of INR 13,65,000 each. They have neither admitted nor denied the findings of facts and conclusions of law in these proceedings.
Financial Impact
The company has stated that there is nil financial impact to Adani Ports and Special Economic Zone Limited arising out of this Settlement Order.
Source: BSE
