SEBI Settlement Order Passed; Settlement Amount of INR 37,05,000

SEBI has passed a Settlement Order covering the company, directors Gautam S. Adani and Rajesh S. Adani, and three erstwhile directors.

Tue 29 Sep 2026

Settlement Amount

INR 37,05,000

Parties to Settlement

Company, directors Gautam S. Adani and Rajesh S. Adani, and three erstwhile directors

Settlement Terms

Settled without admission or denial of findings

Financial Impact

Company states no material financial impact

SEBI Communication Date

September 28, 2026

What happened

SEBI accepted the terms of settlement and passed a Settlement Order on the settlement applications shared by the company, its directors Mr. Gautam S. Adani and Mr. Rajesh S. Adani, and its erstwhile directors Mr. Malay Mahadevia, Mr. Rajeeva Ranjan Sinha and Mr. Sudipta Bhattacharya.

The settlement was made without admission or denial of the findings of fact and conclusions of law in respect of the alleged violations, under the SEBI (Settlement Proceedings) Regulations, 2018.

What the alleged violations related to

• Rule 19A of the Securities Contracts (Regulations) Rules, 1957
• Clauses 35 and 40A of the erstwhile Listing Agreement
• Regulations 31 and 38 of the SEBI Listing Regulations
• Read with Section 27(1) of the SEBI Act, 1992 and Section 24(1) of the Securities Contracts (Regulation) Act, 1956

These provisions broadly concern shareholding pattern disclosures and minimum public shareholding requirements.

Money involved

The settlement amount is INR 37,05,000 for the company and the abovementioned directors. The company states there is no material financial impact arising out of this Settlement Order.

Other details

• Communication received from SEBI on September 28, 2026
• Period of applicability: not stated as applicable
• Action taken by the company with respect to the communication: not applicable

How to read this

A settlement closes the regulatory proceedings without a finding of guilt being admitted or denied. The amount involved is small relative to the size of the company, and the company itself describes the financial impact as not material. Investors may view the closure of a long-running regulatory matter as removing an overhang, while others may note that the underlying allegations concerned shareholding disclosure norms.

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