Sebi shielded Adani, petitioner tells SC

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₹2,323 crore. The petitioner said Sinha chose to close the investigation instead of acting on DRI’s inputs. Sinha, who retired as Sebi chairperson in March 2017, is a non-executive director of NDTV, which was acquired by Adani in 2022.

Jaiswal further said that the Central Bureau of Investigation (CBI) also had to shut its probe in the matter after the Maharashtra government did not grant sanction for prosecution. “It is shocking that SEBI has not disclosed the receipt of the said letter (DRI letter) and evidence from the DRI till date before this Hon’ble Court," stated the affidavit, citing Sebi’s previous statements to the court that it started investigation against the Adani group only in June-July 2020. The affidavit said that Sebi’s conduct amounts to perjury.

Referring to the latest status report submitted by Sebi in the court earlier this month, Jaiswal said that though the market regulator claimed that 22 out of 24 investigations arising out of the Hindenburg report were final in in nature, outcomes of these investigations have been kept under wraps by Sebi. The affidavit also alleged a conflict of interest in Sebi conducting investigation into the matter. It said that Cyril Shroff, managing partner, Cyril Amarchand Mangaldas law firm, has been a member of Sebi’s committee on corporate governance, which looks at offences like insider trading.

“Cyril Shroff’s daughter is married to Karan Adani, son of Gautam Adani, showing clear conflict of interest," claimed Jaiswal, stressing that 5 of the 24 Sebi investigation reports are on insider trading allegations against the Adani group. HT reached out to Shroff and the law firm for a response to Jaiswal’s allegations, but the attempts remained unsuccessful. To be sure,