Adani Ports executives settle Sebi proceedings in PMC Projects matter

Adani Ports and Special Economic Zone (APSEZ) Managing Director Karan Adani and chief financial officer B Ravi have settled adjudication proceedings with market regulator Securities and Exchange Board of India (Sebi) in a matter involving PMC Projects.

Under the settlement mechanism, both have paid ₹13.65 lakh each. The regulator said it had received the settlement amount from both applicants on September 5, following which the proceedings were disposed of.

Sebi had issued a show-cause notice 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.

The settlement order notes that the investigations were in respect of the banking transactions and inter-corporate security deposits among PMC Projects (India), APSEZ and its subsidiaries.

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.

Following receipt of the settlement amounts, Sebi disposed of the adjudication proceedings in terms of the settlement regulations.