(Reuters) -Several entities linked to the Adani Group have approached the Indian market regulator to settle a case accusing them of violating public shareholding rules at some listed companies, the Economic reported Times Tuesday.
The Securities and Exchange Board Of India (SEBI) had sent notices to Adani Enterprises (NS:), the group’s flagship, and also Adani power (NS:), Adani Ports and Adani Energy allege that they had wrongly classified the shareholdings of certain entities.
The groups’ breaches of a minimum public shareholding requirement date back to 2020 and SEBI had sought to recover around 25 billion rupees ($295 million) from the entities, ET said.
Adani Enterprises and one of its directors, Vinay Prakash, as well as a Ambuja cements (NS:) director, Ameet Desai, has proposed a settlement, ET reported.
Another proposed settlement of 2.8 million rupees ($33,035) is from Emerging India Focus Funds (EIFF), a Mauritius-based foreign portfolio investor linked to Vinod Adani, brother of Adani Group chairman Gautam Adani, according to SEBI. said E.T. .
The report did not include information about other settlement requests.
The proposals were submitted last week in response to a show-cause notice issued by SEBI to around 30 entities of the Adani Group on September 27, the newspaper reported.
The entities have disputed the charges in response to the notice and the settlement request is only a precautionary measure, ET added, citing a source.
The Adani Group did not immediately respond to a Reuters request for comment.
Last month, US authorities accused Gautam Adani and several top executives of the Adani Group of being part of a scheme to pay $265 million in bribes to secure Indian energy supply contracts and of misleading US investors while raising funds there , allegations the group has mentioned. unfounded”. ($1 = 84.7580 Indian rupees)
