The credibility of the current expert committee looking into the report on Adani Group, which accuses it of stock manipulation, has been called into question in a new petition filed with the Supreme Court of India. A new panel made up of people with impeccable integrity and no conflicts of interest in the report case was to be created, according to the argument made to the top court.

According to a report the Supreme Court’s latest argument questioned the current panel of experts and raised issues with a few of its members.

An Expert Committee was constituted by the Supreme Court in March 2023 to look into claims made against the Adani Group in the Report and assess any potential regulatory lapses.

Justice (Retd.) Abhay Manohar Sapre served as the committee’s chairman. Other members included O P Bhatt, Justice J P Devadhar, KV Kamath, Nandan Nilekani, and Somashekhar Sundaresan.

The application especially contests the participation of OP Bhatt, a member of the Expert Committee and the current chairman of the renewable energy business Greenko. Bhatt formerly served as the chairman of the State Bank of India.

It states that since March 2022, Greenko and the Adani Group have worked closely together to supply electricity to Adani’s plants in India.

One more board part, K V Kamath, filled in as ICICI Bank Executive from 1996 to 2009 and was named in a CBI FIR relating to the ICICI Bank misrepresentation case.

Chanda Kochhar, who drove ICICI Bank as overseeing chief and President from 2009 to 2018, was at the focal point of the case.In exchange for loans given to the Videocon group, many of which turned into non-performing assets (NPAs) during her leadership, the CBI said she and her family got bribes.

When some of these loans were granted, Kamath was the non-executive chairman of the bank and a member of the committee that gave its approval.

The petitioner had earlier expressed concerns about Somashekhar Sundaresan, another committee member, noting his advocacy of Adani in front of different bodies, including the SEBI Board.

According to recent developments, 22 of the 24 investigations resulting from the report have reached their conclusion, while two are still in the intermediate stage, according to a report submitted to the Supreme Court by the Securities and Exchange Board of India (SEBI).

 it has requested information from outside organizations and will assess it in light of the interim probe results.

SEBI promised that appropriate legal action will be taken in accordance with the investigation’s findings.

In May, the High Court had provided SEBI with an augmentation of 90 days to finish its examination concerning.

Following the arrival of the report, which caused an enormous decline in the Adani Gathering’s fairly estimated worth, the Court had requested SEBI on Walk 2 of this current year to look at any potential breaks of protections guidelines by the Adani Gathering.

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The Supreme Court has received a number of petitions pertaining to the report, particularly those concerning regulatory frameworks to safeguard investors’ interests.

The Adani Group vigorously denied the allegations made in the January 24 that the company had engaged in stock manipulation and fraud, characterizing them as fabrications by an unscrupulous short seller.

Source: ANI

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