New Delhi – A fresh plea has been submitted to the Supreme Court of India, casting doubts on the integrity of the existing expert committee responsible for investigating the Hindenburg report’s allegations against the Adani Group, including accusations of stock manipulation. The petitioner, Anamika Jaiswal, represented by her advocate Ramesh Kumar Mishra, has urged the apex court to constitute a new panel comprising individuals known for their impeccable integrity and free from conflicts of interest in the matter concerning the Hindenburg report.
This development comes after concerns were raised about certain members of the current Expert Committee that was established by the Supreme Court in March 2023 to delve into the allegations against the Adani Group. Chaired by Justice (Retd.) Abhay Manohar Sapre, the committee includes members O P Bhatt, Justice J P Devadhar, KV Kamath, Nandan Nilekani, and Somashekhar Sundaresan.
The plea specifically questions the involvement of OP Bhatt, a member of the Expert Committee and former Chairman of the State Bank of India, who currently serves as the Chairman of Greenko, a renewable energy company. Notably, Greenko and the Adani Group have been in a strategic partnership since March 2022, with Greenko providing energy to Adani’s facilities in India.
Another committee member under scrutiny is K V Kamath, who was the Chairman of ICICI Bank from 1996 to 2009 and was linked to a CBI FIR related to the ICICI Bank fraud case, involving Chanda Kochhar. Kamath served as the non-executive chairman of the bank during the period when some of these loans were sanctioned.
The petitioner had previously expressed concerns about Somashekhar Sundaresan, another committee member, citing his representation of Adani before various forums, including the SEBI Board.
Recent reports indicate that out of the 24 investigations stemming from the Hindenburg report, 22 have been concluded, while two remain in interim status, according to information provided by the Securities and Exchange Board of India (SEBI) to the Supreme Court. SEBI has stated that it is assessing information from external agencies/entities and will act accordingly based on the outcome of these investigations.
In response to the Hindenburg report’s release, which caused a significant drop in the Adani Group’s market value, the Supreme Court granted SEBI an additional three months in May to conduct its probe. The ongoing legal proceedings include various petitions addressing regulatory mechanisms aimed at safeguarding investors’ interests.
The Hindenburg report, released on January 24, had made allegations of stock manipulation and fraud against the Adani Group, allegations that the conglomerate vehemently denied, dismissing the report as falsehoods propagated by an unethical short seller. This development continues to draw widespread attention and scrutiny from the legal and financial communities.
(With inputs from ANI)
