Adani Total Gas Limited has resolved a settlement application with the Securities and Exchange Board of India (SEBI). The company filed the application under SEBI (Settlement Proceedings) Regulations, 2018, to settle proceedings related to an alleged violation of Listing Regulations. A settlement order has been passed, with the company agreeing to pay a settlement amount of INR 9,75,000. This resolution is not expected to have a material financial impact on the company.
Adani Total Gas Reaches Settlement with SEBI
Adani Total Gas Limited (the “Company”) announced today that it has reached a settlement with the Securities and Exchange Board of India (SEBI) concerning a settlement application filed under the SEBI (Settlement Proceedings) Regulations, 2018. This application was submitted to resolve proceedings initiated against the Company without admitting or denying the findings of facts and conclusions of law.
Nature of Proceedings and Settlement
The proceedings pertained to an alleged violation of Regulation 33(1)(d) of the SEBI Listing Regulations read with Clause 2 of the erstwhile Listing Agreement. Following the settlement application, SEBI has passed a Settlement Order. The details of this order have been disclosed as per Regulation 30 of the SEBI Listing Regulations.
Financial Implications of Settlement
The settlement involves a payment of INR 9,75,000. The Company stated that this settlement amount does not have a material financial impact on its operations or financial standing. Further details regarding the settlement order are available through the provided link from SEBI’s official website.
Source: BSE
