'Son's father-in-law still on Sebi committee': Mahua Moitra after SC directs regulator to probe Adani

Adani-Hindenburg issue: Just a day after the Supreme Court directed Sebi to probe the Adani-Hindenburg issue, TMC MP Mahua Moitra flagged the Adani family's relationship with a member part of the regulator's panel for corporate governance and insider trading.

The top court on Thursday formed a six-member committee to probe the charges against Adani Group by US-based short-seller Hindenburg Research, which has in a detailed report accused the firm of indulging in stock manipulation and fraud using shell firms. 

Sebi recently informed the court that it was probing the charges and market routs that happened soon after the scathing report. The SC on Thursday asked the market regulator to continue its probe and submit the report within two months. 

A day after the direction, Mahua Moitra said the top court has asked Sebi to probe the Adani issue while group chairman Gautam Adani's son's father-in-law was still on the regulator's committee for corporate governance. "Supreme Court asks SEBI to probe Adani issue. Adani says truth will prevail. While son’s father-in-law is still on SEBI committee for corporate governance & insider trading," she said in a tweet.

Last month, Moitra highlighted senior lawyer Cyril Shroff's link to the Adani family. Shroff, a corporate lawyer, is the managing partner of the law firm Cyril Amarchand Mangaldas.

She said it was a potential conflict of interest that Shroff served on market regulator SEBI's panel on corporate governance and insider trading when his daughter (Paridhi Adani) was married to Karan Adani, son of Adani Group chairman Gautam Adani.

Moitra in a tweet had said Shroff should recuse himself if SEBI was examining Hindenburg Research's allegations against Adani Group. "Greatest respect for ace lawyer Cyril Shroff but his daughter is married to Gautam Adani’s son. Shroff serves on SEBI’s Committee on Corporate Governance & Insider Trading. If at all @SEBI_India is examining Adani issue, Shroff should recuse himself. Perceptions are Reality," tweeted Moitra.

Ever since the Hindenburg report came out with its report, the fiery TMC leader has been targeting the conglomerate and central government. She claims that the Centre has been protecting Gautam Adani as he enjoys a good relationship with Prime Minister Narendra Modi, an allegation the central government and BJP have denied vehemently.