Adani-Hindenburg case | Petitioner alleges links between SC’s expert committee members and Adani, wants fresh panel
The Hindu
Petitioner urges SC to form fresh expert committee to investigate Adani-Hindenburg case, citing conflict of interest in current one. Members of current committee include O.P. Bhatt, J.P. Devadhar, K.V. Kamath, Nandan Nilekani and Somasekhar Sundaresan
A petitioner in the Adani-Hindenburg case on Monday (September 18) urged the Supreme Court to constitute a fresh committee of experts, saying the current one headed by a former apex court judge, Justice A.M. Sapre, is hit by “conflict of interest”.
The Justice Sapre Committee was constituted by the Supreme Court on March 2 to investigate the causal factors and existence, if any, of regulatory failure which led to investors losing crores due to volatility in the securities market following Hindenburg Research’s report accusing the Adani Group of manipulation of share prices and account fraud.
The members of the expert committee included former chairman of the State Bank of India O.P. Bhatt, retired Bombay High Court judge Justice J.P. Devadhar, former chief of the New Development Bank of BRIC countries K.V. Kamath, co-founder of Infosys Nandan Nilekani and securities expert and lawyer Somasekhar Sundaresan.
The expert committee had come out with a stinging criticism of the Securities Exchange Board of India (SEBI) in its report, saying the market regulator had “drawn a blank” in its probe of the Adani-Hindenburg allegations, and was in a “chicken-and-egg situation” in its investigation into the “ownership” of 13 overseas entities, including 12 Foreign Portfolio Investors (FPIs).
The petitioner, Anamika Jaiswal, represented by advocates Prashant Bhushan and Cheryl D’Souza, has now contended that Mr. Bhatt, a former chairman of State Bank of India, was 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… O.P. Bhatt 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 application said.
It said Mr. Kamath, who was the chairman of ICICI Bank from 1996 to 2009, had “figured in CBI FIR in the ICICI Bank fraud case”.
Amol Palekar advocates against pre-censorship in films and theatre, urging the government to protect artists' freedom of expression.
BJP legislators demand release of Hindu monk Chinmoy Krishna Das in Bangladesh, threatening protests and border blockade if demands not met.
Odisha loses 790 elephants in a decade, with electrocution as the leading cause of unnatural deaths.
ASI issues notice to halt construction at Arya Akshobhya Teertha Mutt near Rameshwara temple in Shivamogga.
Madurai High Court orders removal of encroachments along Madurai-Dindigul highway, Corporation and Highways Department officials conduct joint operation.
Maharashtra Congress chief initiates signature campaign for return of ballot papers, sparking nationwide debate on EVMs.
Udupi Deputy Commissioner K. Vidyakumari on Wednesday directed the National Highways Authority of India (NHAI) to undertake periodical maintenance of NH66 without giving room for complaints.
Railway Minister Ashwini Vaishnaw updates Lok Sabha on Konkan Railway Corporation Ltd. shareholding, Goa willing to relinquish.
One dies, eight hospitalised after inhaling HCL fumes at pharma company in Andhra Pradesh’s Anakapalli district. About 400 litres of HCL leaked from the reactor-cum-receiver tank at Unit-III of the company, which affected nine workers, says Collector. While the condition of six of them is stable, two are on ventilator support. Chief Minister Chandrababu Naidu directs authorities to provide advanced treatment to the victims. Home Minister Anitha expresses anger over repeated such incidents.
Parents and social workers in Thoothukudi request new Anganwadi buildings due to unsafe conditions in current rental buildings.
Delta districts face heavy rainfall, prompting coordinated efforts to mitigate damages, with NDRF teams deployed for rescue operations.