The Securities and Exchange Board of India (SEBI) had issued notices to Adani Enterprises, the group's primary company, along with Adani Power, Adani Ports, and Adani Energy, claiming they improperly classified the shareholding of certain entities.
The alleged violations of the minimum public shareholding requirement trace back to 2020, with SEBI seeking to recover approximately 25 billion rupees ($295 million) from the involved entities, according to ET.
Adani Enterprises, along with one of its directors, Vinay Prakash, and a director from Ambuja Cements, Ameet Desai, have put forth a settlement proposal, as reported by ET.
Additionally, Emerging India Focus Funds (EIFF), a foreign portfolio investor based in Mauritius and reportedly linked to Vinod Adani, brother of Adani Group Chairman Gautam Adani, has proposed a settlement of 2.8 million rupees ($33,035), ET noted.
The report did not provide details on other settlement requests.
These proposals were submitted last week in response to a show-cause notice issued by SEBI on September 27 to around 30 entities within the Adani Group, according to the newspaper.
The entities have disputed the allegations in their response to the notice, and the settlement application is viewed as a precautionary step, as cited by a source in ET.
The Adani Group has not yet responded to a request for comment from Reuters.
Last month, U.S. authorities accused Gautam Adani and several senior executives of the Adani Group of participating in a scheme to pay $265 million in bribes to secure power supply contracts in India and of misleading U.S. investors during fundraising efforts, allegations that the group has labeled as "baseless."