World · India Bureau
Adani Ports executives settle Sebi case over PMC Projects matter
The managing director and chief financial officer of Adani Ports and Special Economic Zone (APSEZ) have resolved Securities and Exchange Board of India proceedings by paying settlement amounts. The regulator has closed its adjudication case against the two executives.
LSN India ·
Karan Adani, Managing Director of APSEZ, and B Ravi, the company's Chief Financial Officer, have each paid Rs 13.65 lakh to settle proceedings initiated by market regulator Sebi in connection with the PMC Projects matter. The settlement was reached under Sebi's established settlement mechanism, which allows parties to resolve enforcement cases without admitting or denying allegations.
Following the payment of settlement amounts, Sebi has disposed of the adjudication proceedings against both executives. The settlement mechanism represents an alternative dispute resolution pathway that enables swift closure of regulatory cases while maintaining market integrity.
The PMC Projects matter had drawn regulatory scrutiny, leading to the initiation of proceedings against the APSEZ officials. The resolution through settlement underscores the regulator's preference for expedited closure in certain cases while ensuring compliance with market standards and investor protection frameworks.
Adani Ports and Special Economic Zone is one of India's largest port operators and a key entity within the Adani Group's infrastructure portfolio. The company operates multiple ports and terminal facilities across the Indian coastline, handling significant cargo volumes for domestic and international trade.