Adani Group: Stock exchanges take action on Adani Enterprises, fined for violation of SEBI’s listing rules

Adani Group Stocks: Adani Enterprises, the flagship company of the Adani Group, is again embroiled in controversies. Both the country’s major stock exchanges BSE and National Stock Exchange NSE have imposed penalty on Adani Enterprises. Both the exchanges have decided to impose this penalty for non-compliance with SEBI’s listing rules.

Both exchanges BSE and NSE have imposed a fine of Rs 28,000 on Adani Enterprises for violating SEBI’s listing rules in the matter of appointment to the post of director. SEBI rules state that no listed company shall, without passing a special resolution, appoint or extend the post of non-executive director of a person who has attained the age of 75 years.

Although Adani Enterprises has termed this penalty imposed by BSE and NSE as wrong. The company says that it had taken approval from the shareholders under the rules. Adani Enterprises said that the interpretation of the law was settled in the case of Nector Life Sciences vs SEBI. Now the company is going to tell in front of NSE and BSE that it has fully complied with the listing rules of SEBI and the company will request to waive the penalty. The company said that according to the rules, there is no need to take approval for such appointment.

By the way, in Tuesday’s trading session, there has been a great growth in the stock of Adani Enterprises. The company’s stock has closed at Rs 2698 with a gain of 2.21 per cent. The stock had slipped down to Rs 1017 after the Hindenburg Research report. But from that level the stock has shown excellent recovery.

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