Adani Row: Questions over SEBI committee member’s link to Adani family

According to data on the SEBI website, one of the members on its 2017 Committee on Corporate Governance was corporate and project finance lawyer Cyril Shroff, also the managing partner of Cyril Amarchand Mangaldas.

Hyderabad: Even as opposition parties are demanding a probe by the Securities and Exchange Board of India (SEBI) and the RBI into the allegations against the Adani Group in the wake of the Hindenburg Research report, questions are now being raised on a conflict of interest angle in the SEBI probe, since Adani had a close relative in one of the committees of the Board.

According to data on the SEBI website, one of the members on its 2017 Committee on Corporate Governance was corporate and project finance lawyer Cyril Shroff, also the managing partner of Cyril Amarchand Mangaldas. Shroff’s daughter, Paridhi Shroff is married to Karan Adani, son of Gautam Adani and CEO of Adani Ports and SEZ Limited.

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The committee was set up in July 2017, according to information on the SEBI website, and submitted its report in October the same year. According to market sources, the general practice was that once the committee submits its report, it is construed to be dissolved.

Meanwhile, Trinamul Congress leader and MP Mahua Moitra, among others, pointed out this and tweeted, stating that if SEBI was to examine the Adani issue, Shroff should recuse himself.

“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,” (sic) she tweeted.

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.

— Mahua Moitra (@MahuaMoitra) February 3, 2023

Many others however have expressed doubts whether SEBI was not acting against Adani because of this connection.

“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,” (sic) tweeted Telangana State Mineral Development Corporation chairman Manne Krishank.

🚨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 pic.twitter.com/9kJwpEbQYo

— Dr.Krishank (@Krishank_BRS) February 3, 2023

“Expose. 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,”(sic) entrepreneur Nayini Anurag Reddy tweeted.

Expose 🚨

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 🙏 pic.twitter.com/4bYH2w9XXF

— Nayini Anurag Reddy (@NAR_Handle) February 3, 2023