Date: September 29, 2026

Settlement Order Details

Parties Involved

The settlement covers:

  • The Company: Adani Energy Solutions Limited
  • Current directors: Mr. Gautam S. Adani, Mr. Rajesh S. Adani, and Mr. Anil Kumar Sardana
  • Erstwhile directors: Mr. Deepak Bhargava and Mr. Laxmi Narayana Mishra

Alleged Violations

The proceedings settled alleged violations of:

  • Rule 19A of the Securities Contracts (Regulation) Rules, 1957
  • Clauses 35 and 40A of the erstwhile Listing Agreement
  • Regulations 31 and 38 of SEBI Listing Regulations
  • Read with Section 27(1) of the SEBI Act, 1992
  • Read with Section 24(1) of the Securities Contracts (Regulation) Act, 1956

Financial Implications

  • Settlement amount: INR 37,05,000 (₹37.05 lakh)
  • The company states there is "no material financial impact to the Company arising out of this Settlement Order"

Order Details

  • Type of communication: Settlement Order
  • Date of receipt: September 28, 2026
  • Authority: Securities and Exchange Board of India (SEBI)
  • Legal framework: SEBI (Settlement Proceedings) Regulations, 2018
  • The Settlement Order is available at: https://www.sebi.gov.in/enforcement/orders/sep2026/settlement-order-in-the-matter-of-adani

Additional Information

  • Period for which communication would be applicable: N.A.
  • Details of any aberrations/non-compliances identified: Refer to point no. 5 (violations listed above)
  • Details of penalty/restriction/sanction imposed: Settlement amount of INR 37,05,000 for the Company and the abovementioned directors
  • Actions taken by listed company: N.A.
  • Any other relevant information: None