Adani-Hindenburg case: Petitioner alleges expert committee members have conflict of interest, asks Supreme Court to form new panel

A plea has been made before the Supreme Court to constitute a new expert committee to inquire into the alleged stock price manipulation by the Adani group in the wake of the Hindenburg Research Report alleging fraud by the Indian conglomerate..The request has been made by Anamika Jaiswal, one of the petitioners who moved the Supreme Court earlier over related issues..In an affidavit filed on Monday, Jaiswal stated that two of the current committee's members, OP Bhatt and advocate Somasekhar Sundaresan, have conflicts of interest in probing Adani.Moreover, Bhatt and another committee member KV Kamath are involved in criminal cases, Jaiswal added..Referring to Bhatt, Jaiswal submitted that a company that he is chairman of, Greenko, is presently working in close partnership with the Adani Group. "Mr. OP Bhatt, one of the members of the Expert Committee, and the former chairman of State Bank of India, is presently working as the Chairman of Greenko, a leading 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 ... [he] was examined by the CBI in March 2018 in a case of alleged wrongdoing in disbursing loans to the former liquor baron and fugitive economic offender, Vijay Mallya," the affidavit stated. .On Kamath, Jaiswal submitted that his name has cropped in the criminal complaint filed by the Central Bureau of Investigation (CBI) in the ICICI Bank fraud case. Kamath was earlier the chairperson of ICICI.Further, it was pointed out that advocate Sundaresan has represented the Adani Group before various fora.In this backdrop, Jaiswal raised concerns over whether the present expert committee should be allowed to continue probing the allegations against the Adani group. ."There is an apprehension that the present expert committee would fail to inspire confidence among the people of the country. It is therefore respectfully prayed, a fresh expert committee may be constituted by this Hon’ble Court 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," Jaiswal prayed. .Anamika Jaisal is one of the petitioners petitions filed before the Supreme Court seeking an examination of the controversy surrounding the Hindenburg Research report on the Adani Group of companies.Earlier this month, the same petitioner had alleged a conflict of interest and concealment of facts on the part of the Securities and Exchange Board of India (SEBI) in examining the matter.The Hindenburg report alleged fraud on the part of the Adani Group. The Indian conglomerate was accused of inflating its share prices in the report. The report led to a sharp fall in the share value of various Adani companies shortly after its publication, reportedly to the tune of $100 billion.Subsequently, the Supreme Court formed a committee headed by retired apex court judge, Justice AM Sapre to examine the allegations.The Supreme Court also asked SEBI to independently investigate the matter a submit a report.The expert committee had in its report released in May, found no prima facie lapse on the part of the SEBI in the matter.The SEBI is yet to submit its report. Last month, the SEBI had sought a 15-day extension from the Supreme Court to furnish a status report..Fact Check: Has the expert committee appointed by the Supreme Court given a clean chit to Adani Group?