Adani Power, officials flouted Companies Act: Registrar of Companies

The adjudicating officer imposed a penalty of ₹75,000 each on Gautam Adani, chairman and director Adani Power, Rajesh Shantilal Adani, managing director, and Vineet S Jain, whole-time director. "The company has made adequate disclosures in the Financial Statements for FYs 2017-18, 2018-19 and 2019-20. All the related-party transactions were entered at arms' length basis and in ordinary course of business and thus, not covered under the provisions of Section 188 of the Companies Act, 2013," the company's spokesperson said.

from Energy-Industry-Economic Times https://ift.tt/pNZGTjd