Karan Adani settles PMC Projects case with Sebi by paying Rs 13.65 lakh
The settlement relates to an investigation into banking transactions and inter-corporate security deposits involving PMC Projects (India) Private Limited, Adani Ports and Special Economic Zone Ltd (APSEZ), and the port operator's subsidiaries.
Adani Ports executives have settled proceedings with the Securities and Exchange Board of India (Sebi) in the PMC Projects matter. According to Business Standard, Managing Director Karan Adani and CFO B Ravi have each paid Rs 13.65 lakh under the settlement mechanism, resulting in Sebi disposing of the adjudication proceedings.
The settlement relates to Adani Ports and Special Economic Zone (APSEZ). There is no further information on the PMC Projects matter.
Separately, Adani Group has announced plans to invest in multiple projects in the state of Odisha, as reported by The National Business. However, this news is unrelated to the settlement with Sebi.
Brief written by urgent.news from Business Standard IN, The National Business — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- IHC and Adani Group sign pact with India's Odisha government to invest $25bn in 14 projects thenationalnews.com
- Adani Ports executives settle Sebi proceedings in PMC Projects matter business-standard.com
