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 erstwhile director Vneet Jaain.

Tue 29 Sep 2026

Settlement Amount

INR 37,05,000

Parties Covered

Company, directors Gautam S. Adani and Rajesh S. Adani, and erstwhile director Vneet Jaain

Violations Related To

Shareholding pattern disclosures and minimum public shareholding requirements

Settlement Terms

Settled without admission or denial of findings

Financial Impact

Company states no material financial impact

What happened

SEBI accepted the terms of settlement and passed a Settlement Order in respect of settlement applications shared by the company, its directors Mr. Gautam S. Adani and Mr. Rajesh S. Adani, and its erstwhile director Mr. Vneet Jaain, under the SEBI (Settlement Proceedings) Regulations, 2018.

The settlement is without admission or denial of the findings of fact and conclusions of law in respect of the alleged violations.

Alleged violations settled

• Rule 19A of the Securities Contracts (Regulations) Rules, 1957
• Clauses 35 and 40A of the erstwhile Listing Agreement
• Regulations 31 and 38 of 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 relate to 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
• Type of communication: Settlement Order
• No further action reported by the company in respect of the communication

How to read it

A settlement closes the proceedings without a finding of guilt being admitted or denied. The amount involved is small relative to the size of the company, and the update itself characterises the financial impact as not material. Investors may nonetheless note that the matter relates to past disclosure and shareholding compliance allegations.

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