Petition alleges ‘conflict of interest’ in SC-appointed panel to investigate Adani Group

A new petition filed in the Supreme Court has alleged “conflict of interest” involving members of the expert committee set up to investigate allegations against the Adani Group. 

The Supreme Court had ordered the probe after the Hindenburg report accused the Adani Group of stock manipulation earlier this year. The six-member committee, headed by retired Justice Abhay Manohar Sapre, comprises OP Bhatt, retired Justice JP Devadhar, KV Kamath, Nandan Nilekani and Somashekhar Sundaresan. 

The petition, filed by one Anamika Jaiswal, alleges that former SBI chairperson OP Bhatt is the chairman of a company called Greenko that works in “close partnership” with the Adani Group “to provide energy to Adani Group facilities in India”.

Sundaresan, the petition said, was “a lawyer representing the Adani Group before various forums including the SEBI Board”.

The petition also said Kamath, former chairman of ICICI, was named in the CBI’s FIR in a fraud case.

“The petitioner respectfully submits that in light of the above, there is an apprehension that the present expert committee would fail to inspire confidence among the people of the country,” the petition said. It urged the Supreme Court to constitute a fresh committee with “experts...who have no conflict of interest in the outcome of the instant matter”.

Last week, the same petitioner had filed an affidavit in the Supreme Court accusing market regulator SEBI of conflict of interest in its probe against the Adani Group.

Earlier this month, the Adani Group was hit by another storm, with documents suggesting alleged stock manipulation by four of its companies between 2013 and 2017. Read all about it here.