A petitioner in the Adani-Hindenburg case has approached the Supreme Court, requesting the reconstitution of the expert panel responsible for investigating allegations of regulatory failure and legal breaches by the Adani conglomerate. The petitioner, Anamika Jaiswal, has cited a conflict of interest involving three of the panel’s six members, including the panel’s chairman, a retired Supreme Court judge.
Conflict of Interest Allegations
Anamika Jaiswal’s application highlights concerns about the inclusion of OP Bhatt (former State Bank of India chairman), KV Kamath (veteran banker), and senior advocate Somasekhar Sundaresan in the expert panel. The petitioner argues that these members may have a conflict of interest in the probe’s outcome regarding the accusations by US short-seller Hindenburg Research.
- OP Bhatt: Jaiswal points out that Bhatt currently serves as the chairman of Greenko, a renewable energy company closely collaborating with the Adani group since March 2022. Furthermore, Bhatt’s connection to a CBI investigation in March 2018, related to alleged irregularities in disbursing loans to fugitive economic offender Vijay Mallya, is raised as a potential conflict.
- KV Kamath: Jaiswal notes that Kamath, the former chairman of ICICI Bank, was named in a CBI FIR concerning the ICICI Bank fraud case. This case involved allegations of kickbacks to Chanda Kochhar, the bank’s former CEO, in exchange for loans provided to the Videocon group during Kamath’s tenure.
- Somasekhar Sundaresan: The application argues that Sundaresan, a senior advocate, has represented the Adani group in various legal matters, including before the Securities and Exchange Board of India (SEBI) Board.
Conclusion
The petitioner’s request for the reconstitution of the expert panel underscores concerns about potential conflicts of interest that could compromise the fairness and impartiality of the Adani probe. The Supreme Court’s decision on this matter will be crucial in ensuring transparency and credibility in the investigation process.
