Petitioner seeks overhaul of expert panel in Adani probe

One of the petitioners in the Adani-Hindenburg case has requested the Supreme Court to reconstitute the panel of experts investigating accusations of regulatory failure by the stock market regulator and breach of laws by the conglomerate, alleging conflict of interest of three of the six-member panel that is headed by a retired apex court judge.

- Utkarsh Anand

Submitting an application on Monday, Anamika Jaiswal claimed that inclusion of OP Bhatt (former State Bank of India chairman), KV Kamath (veteran banker) and senior advocate Somasekhar Sundaresan in the expert panel is not appropriate, considering their possible conflict of interest in the outcome of the probe into the allegations by US short-seller Hindenburg Res rch. According to the application, Bhatt is presently working as the chairman of Greenko, which is working in a close partnership with the Adani group since March 2022 for providing energy to Adani groups facilities in India.

"It has also come to the knowledge of the petitioner that Bhatt was examined by CBI in March 2018 in a case of alleged wrongdoing in disbursing loans to the former liquor baron and fugitive economic offender, Vijay Mallya. Mallya is accused of defrauding banks, including SBI, of $1.2 billion. It is submitted that Bhatt served as the SBI chairman between 2006 and 2011 when the majority of these loans were advanced to Mallya's companies," contended Jaiswal, adding Bhatt should have informed the top court of these relevant facts by himself. Jaiswal is represented by advocate Prashant Bhushan in the matter.