Adani-Hindenburg matter: Petitioner alleges 'conflict of interest' in court-appointed panel – Business Today

A new petition filed in the top Court has alleged that the court-monitored committee to probe allegations of stock manipulation against the Adani Group in the Hindenburg report also has a conflict of interest.
The petition also urged the Supreme Court to constitute a fresh expert committee with experts from the field of finance, law and stock market with impeccable integrity, and who have no conflict of interest in the outcome of the instant matter.
OP Bhatt, Justice JP Devadhar, KV Kamath, Nandan Nilekani and Somasekhar Sundaresan are part of the six-member committee while former Supreme Court judge Justice AM Sapre was appointed as the head.
The petitioner has pointed that OP Bhatt, the former chairman of State Bank of India, is presently working as the Chairman of Greenko, a renewable energy company. Since March, 2022 Greenko and Adani Group are working in a close partnership to provide energy to Adani Groups facilities in India.
KV Kamath, on the other hand, is already facing an FIR in a bank fraud case, and advocate Somashekar has appeared for Adani in various forums, as the petition noted.  
The Supreme Court is likely to hear the petition on October 13.
Earlier, a petitioner in the Adani-Hindenburg matter alleged in the apex Court that market regulator Securities and Exchange Board of India (Sebi) suppressed important facts from the top Court and slept over Directorate of Revenue Intelligence (DRI)’s letter on alleged stock manipulation by the Adani firms.
In the affidavit filed before the Supreme Court, the petitioner said that while the investigation against the Adani Group was going on in the over invoicing case, the Directorate of Revenue Intelligence (DRI) sent a letter to the then Sebi chairperson in 2014 alerting him that the group may be committing stock market manipulation using the money allegedly siphoned off using the modus operandi of over-valuation in the import of power equipment, news agency PTI reported.
The affidavit claimed that the letter was accompanied by a CD containing evidence of siphoning off Rs 2,323 crore and two notes on the case being investigated by the DRI. The letter, the affidavit said, also stated that more documents may be obtained from the Mumbai Zonal Unit of the DRI.
“The petitioner herein submits that not only has the Sebi suppressed important facts from this court and slept over DRI alerts, but there is also an apparent conflict of interest in Sebi conducting Adani investigation.”
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