In a recent development, a petition submitted to the Supreme Court has asserted that the court-appointed committee responsible for investigating the allegations of stock manipulation against the Adani Group, as detailed in the Hindenburg report, is itself entangled in a conflict of interest.

Furthermore, the petition implores the Supreme Court to establish a new panel of experts comprising individuals with backgrounds in finance, law, and the stock market. The plea underscores the importance of appointing committee members who are devoid of any conflicts of interest.

The six-member committee, headed by former Supreme Court judge Justice AM Sapre, comprises notable individuals such as Industrialist OP Bhatt, Justice JP Devadhar, KV Kamath, Nandan Nilekani, and Somasekhar Sundaresan.

However, the petitioner has raised significant concerns about potential conflicts of interest within this committee. It is alleged that OP Bhatt, who serves as the Chairman of the Greenko group, maintains close ties with the Adani Group. Additionally, KV Kamath has been entangled in a bank fraud case, facing an FIR. Furthermore, Advocate Somashekaran has reportedly represented Adani in various legal forums, as pointed out in the petition. These connections have given rise to apprehensions regarding the impartiality of the committee's proceedings.

In a related development, another affidavit submitted in the Supreme Court last week alleged a conflict of interest within the market regulator, Sebi, in its investigation into Adani. The petitioners contended that one of Sebi's members has familial connections with the Adani group, further raising concerns about the impartiality of the investigation.

"Sebi has an apparent conflict of interest in investigating the Adani group since an employee, Cyril Shroff's daughter, is married to Karan Adani, Adani Group Chairperson Gautam Adani's son," the affidavit filed by petitioner Anamika Jaiswal stated. 

The Supreme Court is scheduled to consider the petition on October 13.