Adani Ports CEO and CFO Pay $14,354.57 to SEBI Over Disclosure Violations
SEBI settled charges against Adani Ports leadership involving PMC Projects after executives paid roughly $14k each.
The Securities and Exchange Board of India closed a case against the chief executive officer and chief financial officer of Adani Ports following a payment totaling 2.75 million rupees. The two executives transferred 1.37 million rupees ($14,354.57) each to SEBI without admitting or denying wrongdoing. This settlement ends an investigation into banking transactions and inter-corporate security deposits linking PMC Projects and its units to Adani Ports and Special Economic Zone Ltd. In January 2023, the short-seller firm Hindenburg filed allegations that the Gautam Adani-led group manipulated share prices using tax havens and treated PMC Projects as an undisclosed related party. SEBI issued notices to the senior management in 2023 after reviewing the case among other filings. The company has denied the manipulation charges raised by Hindenburg in its initial report.
