Hearing a batch of petitions in the Adani-Hindenburg case, the Supreme Court was told that the involvement of the Securities Exchange Board of India (SEBI) in the matter was a conflict of interest. The petitioners said the SEBI member has family ties with the Adani group.
The affidavit filed by the petitioner Anamika Jaiswal said, “There is a clear conflict of interest of SEBI in the Adani Group probe, as the daughter of an employee Cyril Shroff is married to Karan Adani, son of Adani Group Chairman Gautam Adani. . Cyril Shroff is a managing partner at Cyril Amarchand Mangaldas, a law firm. A petitioner said he is also a member of SEBI’s Committee on Corporate Governance, which deals with offenses like insider trading.
At the same time, the affidavit filed in response to the status report submitted by SEBI said, “Sebi is not only sleeping on this matter, but has also made several reforms to benefit Adani.” The Supreme Court may hear the matter on September 15. The petitioners also argued that SEBI concealed a January 2014 alert by the Directorate of Revenue Intelligence (DRI) that said Adani had withdrawn money and invested in Adani-listed companies through companies based in Dubai and Mauritius.
Sebi is probing the allegations against Adani Group
Let us tell you that SEBI is investigating the allegations against the Adani Group after the Hindenburg Research report. He submitted the investigation report of 22 cases in the Supreme Court last month. One of the petitioners who filed the PIL in the case has filed an affidavit in the Supreme Court stating that in the year 2014 itself, DRI had written to the then head of SEBI expressing apprehensions of manipulation in share prices.