Billionaire Gautam Adani has stepped down as executive chairman of Adani Ports & Special Economic Zone (APSEZ),taking on a non-exec chairman role instead. 

The decision aligns with India’s Companies Act, which limits whole-time directors from holding executive roles in multiple companies simultaneously. APSEZ, India’s largest port operator, is already led by two executive directors—managing director Karan Adani and Ashwani Gupta, APSEZ’s CEO.

Adani’s exit coincides with heightened scrutiny on the group—amid US probes related to alleged sanctions violations and a $250m bribery investigation.