Thu. Sep 21st, 2023
    A Petitioner Requests Reconstitution of Panel Investigating Adani-Hindenburg Case

    A petitioner in the Adani-Hindenburg case has appealed to the Supreme Court to reconstitute the panel of experts investigating allegations of regulatory failure and breach of laws against the Adani conglomerate. The petitioner claims that there is a conflict of interest among three of the six members on the panel, including OP Bhatt, KV Kamath, and Somasekhar Sundaresan.

    Anamika Jaiswal, the petitioner, argues that the inclusion of these individuals on the expert panel is inappropriate due to their potential conflict of interest in the outcome of the probe. Jaiswal points out that Bhatt currently serves as the chairman of Greenko, a renewable energy company that has a close partnership with the Adani group. Additionally, Jaiswal highlights Bhatt’s previous involvement in alleged wrongdoing related to Vijay Mallya’s loans.

    Regarding Kamath, Jaiswal mentions that Kamath was the chairman of ICICI Bank during the time when loans were approved for the Videocon group, which later turned into non-performing assets. The petitioner claims that Kamath’s involvement in the ICICI Bank fraud case raises concerns about his objectivity.

    Sundaresan, the senior advocate on the panel, has been a lawyer representing the Adani group in various legal matters, including before the Securities and Exchange Board of India (SEBI). Jaiswal cites Sundaresan’s past representation of the Adani group before the SEBI Board as evidence of a potential conflict of interest.

    The petitioner requests the Supreme Court to form a fresh expert committee with individuals from the fields of finance, law, and the stock market, who have impeccable integrity and no conflict of interest in the matter.

    The six-member panel, originally constituted on March 2 by the Supreme Court, is led by retired Supreme Court judge AM Sapre and also includes justice JP Devdhar and Nandan Nilekani, the co-founder of Infosys. The panel was formed to investigate allegations of accounting fraud and stock manipulation made by Hindenburg Research against the Adani Group.

    Source: Hindustan Times (Utkarsh Anand, Legal Editor)