28000 Rs fined by sebi in Adani case

Adani Enterprises, the flagship company of the Adani group, has been fined Rs 28,000 each by the BSE and NSE exchanges. The penalties were imposed due to non-compliance with Sebi listing rules concerning the appointment of directors.

Both stock exchanges took this action as they found that Adani Enterprises had not adhered to the Sebi rule which states that listed companies cannot appoint individuals as non-executive directors once they reach the age of 75, unless a special resolution is passed.

Adani Enterprises countered the fines, arguing that they had obtained shareholder approval as required by the law. They cited the Nectar Life Sciences vs Sebi case to support their stance on the interpretation of the law.

To address the situation, Adani Enterprises is currently in the process of submitting applications to the NSE and BSE. These applications will provide detailed explanations to demonstrate that the company is indeed in compliance with Sebi listing regulations. They are also seeking a waiver for the fines that were imposed by the two exchanges.