Adani-hindenburg case to be reinvestigated? Fresh petition filed for change in panel! What is the reason?

A fresh plea has been made in the supreme court by a petitioner in the Adani hindenburg case. The petitioner has requested a plee to the court asking for a new panel of experts for the Adani probe. On March 2, a panel of experts that consisted of 6 members was set up to investigate into the accusations made by hindenburg against Adani group. The Group was accused of regulatory failure as well as breach of law. However, the committee had stated that the allegations could not be proved at this stage.

Submitting an application on Monday, the petitioner has requested for reappointment of 3 the panel members. The petition mentions that three members of the panel namely OP Bhatt, KV Kamath and Somasekhar Sundaresan are not appropriate. Bhatt was the former State Bank of India Chairman, Kamath is a veteran banker whereas Somasekhar is a senior advocate. According to the petitioner, Bhatt is not appropriate because he is the chairman of GreenCo, a famous Renewable Energy Company partnering with Adani group since March 2022. It provides energy to Adani groups facilities in India.

Meanwhile, the petitioner Anamika Jaiswal has claimed that Bhatt was examined by the CBI in 2018. This was in relation to wrongdoings in distribution of loans to Vijay Mallya. Vijay Mallya is accused of defrauding several banks like SBI. Because she was the chairman of SBI between 2006 to 2011 the time when majority of the loans were given to Vijay Mallya. She further said that Bhatt should have informed about this to the top Court himself Prashant Bhushan is the Advocate who is representing Jaiswal.

On the other hand, Kamath is related to the Videocon group loan case because he was non executive chairman of the bank when many loans were approved. He was also one of the members of the committee that sanctioned the loans to Kochhar and her family. And about senior advocate Somasekhar, the petitioner revealed that he had represented Adani group many times before, in different bodies including SEBI board.

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