Minor fines imposed on multiple Adani companies over non-compliance

On Tuesday, Adani group companies – Adani Green, ACC, Ambuja Cements and Adani Enterprises, informed the stock exchange of minor fines imposed over certain non-compliance issues.  Adani Green in its disclosure said Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) have imposed a fine of Rs 2.24 lakh each, for certain non-compliance. The company clarified that the non-compliance has occurred due to the untimely demise of a woman director and exit of an independent director. ACC and Ambuja Cements, in respective disclosures said, the two exchanges have imposed a fine and clarified the said non-compliance occurred due to sudden resignation of Rashmi Khandelwal (ex-Company Secretary and Compliance Officer) for ACC and resignation of Rajiv Gandhi (ex-Company Secretary and Compliance Officer) for Ambuja Cements, post which the company made all possible efforts to fill the said vacancy, within the prescribed time but took reasonable time to identify and finalize the potential candidate. The fine for ACC was Rs 47000 each and for Ambuja Cements was Rs 16000 each. Adani Enterprises also disclosed that the two exchanges imposed a fine Rs 28,000 each with respect to  delayed approval for appointment or continuation of Non-Executive Director who attained the age of seventy-five years.  The company said that the imposition is improper, and required shareholder approvals were sought.