Adani – Hindenburg: In a fresh Supreme Court petition, it has been claimed that the committee overseen by the court to investigate accusations of stock manipulation involving the Adani Group, as mentioned in the Hindenburg report, is also entangled in a conflict of interest.
Conflict of interest arises
The petition requested the court to establish a new expert committee comprising individuals with expertise in finance, law, and the stock market, emphasising the importance of including members free from any conflicts of interest. The Supreme Court is expected to review the petition on October 13.
The six-member committee is comprised of individuals such as Industrialist OP Bhatt, Justice JP Devadhar, KV Kamath, Nandan Nilekani, and Somasekhar Sundaresan, with Former Supreme Court judge Justice AM Sapre serving as the committee’s chair.
The petitioner pointed out potential conflicts of interest within the committee, highlighting that OP Bhatt, who chairs the Greenko group, has close ties with Adani. Additionally, KM Kamath is currently dealing with an FIR in a bank fraud case, and Advocate Somashekaran has previously represented Adani in various legal contexts.
Another affidavit shows familial connections
In another affidavit submitted to the Supreme Court the previous week, allegations of a conflict of interest were leveled against the market regulator SEBI regarding its investigation into Adani. The petitioners asserted that a member of SEBI has familial connections with the Adani group.
The affidavit read, “Sebi has an apparent conflict of interest in investigating the Adani group since an employee, Cyril Shroff’s daughter, is married to Karan Adani, Adani Group Chairperson Gautam Adani’s son.”
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