Adani Ports' former CFO, MD settle PMC case with Sebi, pay Rs 13.65 lakh each

Adani Ports and Special Economic Zone Ltd on Thursday said the Securities and Exchange Board of India (Sebi) has passed a settlement order in connection with settlement applications filed by the company's former chief financial officer (CFO) B Ravi and Managing Director Karan Adani.

"Pursuant to Regulation 30 of the Sebi Listing Regulations, this is to inform you that the Securities and Exchange Board of India (Sebi) has passed a Settlement Order in respect of the settlement applications filed by Mr. B. Ravi (former Chief Financial Officer) and Mr. Karan Adani (Managing Director) of Adani Ports and Special Economic Zone Limited (the Company) under the Sebi (Settlement Proceedings) Regulations, 2018," Adani Ports said in an exchange filing.

According to the filing, both B Ravi and Karan Adani have paid a settlement amount of Rs 13.65 lakh each.

The proceedings related to PMC Projects (India) Pvt Ltd, Adani Ports and its subsidiaries. Ravi and Karan Adani proposed to settle the proceedings concerning alleged violations of Regulation 17(8), without admitting or denying the findings of facts and conclusions of law, the company said.

"There is no financial impact to the company arising out of this settlement order," Adani Ports said.

In a separate development, Adani Ports recently said it had emerged as the highest bidder and received the Letter of Award (LoA) for the development and operation of two dry bulk berths at Paradip Port in Odisha.

Shares of Adani Ports were trading 0.07 per cent lower at Rs 1,756.40 in Friday's trade.