The next hearing on the Adani case is scheduled on 13 October. In fact, on January 24, US investment and research firm Hindenburg Research accused the Adani Group of misappropriation and financial rigging for the unending spurt in stocks. Since then, the market valuation of the group’s companies had fallen drastically by about $ 150 billion.
Adani Group A new petition filed Monday on allegations of a possible conflict of interest on some members of the Expert Committee set up on behalf of the Supreme Court to investigate the allegations leveled in the Hindenburg Report Has been planted in. Yachi Anamika Jaiswal has stated in her petition that there is a conflict in the interests of former chairman of State Bank of India ( SBI ) included in the six-member expert committee as it is renewable Energy firm Greenco also heads which has a business relationship with Adani Group. Jaiswal in support of his claim, Greenco’s March 14, A press release issued in 2022 referred to the announcement of a 1,000 MW capacity renewable energy supply from the company to the proposed industrial complex of Adani Group.
Bhatt’s expert committee gave clean cheat
The expert committee with Bhatt’s participation said in its interim report presented in May that there was no regulatory failure or manipulation of prices behind the rise in shares of Adani Group Have met. This conclusion was considered a major relief for the distressed Adani group. In fact, on January 24, US investment and research firm Hindenburg Research accused the Adani Group of misappropriation and financial rigging for the unending spurt in stocks. Since then, the market valuation of the group’s companies had fallen drastically by about $ 150 billion. Jayaswal, who had previously filed a petition in the Adani case, has said in his new petition that Bhatt’s company also announced a partnership in Davos between Greenco and Adani Group The news came. According to the petition, it clearly exposes the conflict in the interests of O. P. Bhatt, should have pointed himself towards this. Yachi says Central Bureau of Investigation ( CBI ) March, Bhatt was also questioned in 2018 in the case of alleged disturbances in lending to liquor businessman and fugitive economic criminal Vijay Mallya.
Vijay Mallya accused of $ 1.2 billion fraud
Mallya is accused of fraud of $ 1.2 billion from several banks including SBI. According to the petition, most of the loans to Mallya’s companies were given only while being SBI chairman of Bhatt. Bhatt was the head of the largest public sector bank during the years 2006 to 2011. The petition also raises questions about two other members of the expert committee – Kee We Kamat and Somshekhar Sundar. According to this, Kamat’s name also came up in ICICI Bank Fraud Case related to alleged bribe for loan to Videocon Group by former Managing Director and Chief Executive Officer ( CEO) Chanda Kochhar Was. Kamat was the head of ICICI Bank between 1996 and 2009. Sundareshan has also been told in the petition that he has represented Adani on several forums including market regulator Sebi as a lawyer. According to Jaiswal’s petition, There is a possibility that the current expert committee will fail to instill confidence in the people of the country.
Request to form new expert committee
In such a situation, the respected court is requested to finance, Form a new expert committee of experts with impeccable loyalty from the field of law and stock market whose interests do not conflict. The Adani group rejected all the allegations leveled in the Hindenburg report, saying that it was being deliberately targeted. The Supreme Court formed a six-member expert committee in March following these allegations. Its head was created Abhay Manohar Sapre, former Supreme Court Judge. It also included retired judge JP Devadhar and Infosys co-founder Nandan Nelekani in addition to Bhatt, Kamat and Sundaran. The next hearing on the Adani case is scheduled on 13 October. Jaiswal said in another recently filed petition that the Indian Securities and Exchange Board ( SEBI ) January,In 2014, the Directorate of Revenue Information ( DRI ) did not take any action on the warning message that investments in listed companies of Adani through Dubai and Mauritius-based entities Information was given.
