Opposition parties are calling for investigations by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) following allegations against the Adani Group in a Hindenburg Research report. However, concerns have arisen about a potential conflict of interest in the SEBI probe as a close relative of Adani is on one of the Board’s committees.
Data on the Securities and Exchange Board of India (SEBI) website shows that corporate and project finance lawyer Cyril Shroff, the managing partner of Cyril Amarchand Mangaldas, is a member of the Committee on Corporate Governance. Shroff’s daughter, Paridhi, is married to Karan Adani, the son of Gautam Adani and CEO of Adani Ports and SEZ Limited.
MP Mahua Moitra of the Trinamul Congress, along with others, highlighted the issue and tweeted that if SEBI is to investigate the Adani matter, Shroff should step down from involvement.
MP Mahua Moitra expressed great respect for the renowned lawyer Cyril Shroff, but noted that his daughter is married to the son of Gautam Adani. Shroff serves on SEBI’s Committee on Corporate Governance and Insider Trading. If SEBI is examining the Adani issue, Moitra suggested that Shroff should remove himself to avoid any potential conflicts. She emphasized in her tweet that perceptions are reality.
However, others have raised questions about whether SEBI’s failure to act against Adani is due to this connection.
Manne Krishank, Chairman of the Telangana State Mineral Development Corporation, tweeted: “Cyril Amarchand Mangaldas owned by Cyril Shroff member of SEBI Committee was Advisor for Adani Ports , Adani Group acquiring NDTV , acquisition of Ambuja Cement and also brother in law of Adani … Now you know why SEBI is not acting against #Adani.”
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Entrepreneur Nayini Anurag Reddy tweeted: “Expose. The father-in-law of Adani Ports CEO, Karan Adani, #CyrilShroff, is a prominent member of the #SEBI committee. Astonishingly, he also provides legal counsel to the #Adani group. The entire system is corrupted and ruined. Kudos to Modi for creating this mess.”The CEO of Adani Ports, Karan Adani’s father in law #CyrilShroff is a key member of #SEBI committee. Most surprisingly he also gives legal advices to #Adani group. The whole system is messed up & spoiled. Kudos Modi for the mess.”