Adani Total Gas Limited has agreed to pay ₹9.75 lakh to settle proceedings initiated by the Securities and Exchange Board of India (SEBI). The regulatory action stems from an alleged violation of Regulation 33(1)(d) of the SEBI Listing Regulations, which pertains to the timely disclosure of material events.

The settlement order was passed on September 22, 2026, following a settlement application filed by the company under the SEBI (Settlement Proceedings) Regulations, 2018. In its filing to stock exchanges, Adani Total Gas clarified that it neither admitted nor denied the findings of fact or conclusions of law regarding the alleged non-compliance with Clause 2 of the erstwhile Listing Agreement.

Settlement Details and Financial Impact

The company disclosed that the total settlement amount stands at ₹9,75,000. Management explicitly noted that this payment carries no material financial impact on the company’s operations or balance sheet. The violation relates to specific disclosure obligations under the SEBI Listing Regulations, which mandate prompt reporting of significant corporate developments to ensure market transparency.

Regulatory Context

Regulation 33(1)(d) requires listed entities to disclose all material events or information to stock exchanges promptly. The settlement mechanism allows companies to resolve such regulatory matters without prolonged litigation, provided they pay the stipulated amount. This resolution concludes the proceedings initiated against the gas distribution major without any additional sanctions or restrictions on its trading activities.

Adani Total Gas has appointed Preyash Jhaveri as Chief Financial Officer, effective September 3, 2026. The Board of Directors approved the appointment following a recommendation from the Nomination and Remuneration Committee.

Jhaveri, who has been with the company since 2007, served as Interim Chief Financial Officer since December 22, 2025. The formal appointment regularizes his position within the Key Managerial Personnel (KMP) framework.

Leadership Profile

Jhaveri holds a B.Com, LL.B., Chartered Accountant qualification, and a Post Graduate Diploma in Business Management. He brings more than 30 years of experience in financial planning, controllership, and regulatory compliance across multinational and joint venture environments.

Prior to joining Adani Total Gas, Jhaveri worked with Torrent Pharmaceuticals Limited, Enercon (India) Limited, The Arvind Mills Limited, India Gum Limited, and Core Healthcare Limited between July 1995 and July 2007.

Updated KMP Details

The company updated its list of Key Managerial Personnel authorized to determine materiality for disclosures under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The disclosure was issued pursuant to SEBI Listing Regulations requirements.