The Hindenburg report which triggered tumultous times for the Adani Group mentioned a connection between Gautam Adani and Jatin Mehta, who pulled off a $1 billion diamond scam. The daughter of Gautam Adani's brother Vinod is married to Jatin Mehta's son, and that was only the first of questionable links to emerge. After British PM Boris Johnson's brother was revealed as an independent director of a Adani-linked firm after he resigned, it turns out someone on SEBI's committee on corporate governance is also related to Gautam Adani.
Cyril Shroff, a member of a key SEBI committee:
Cyril Shroff, who runs a corporate law firm Cyril Amarchand Mangaldas, is the father-in-law of Gautam Adani's son Karan. Apart from offering legal advise to the Adani Group, Cyril Shroff also a member of the Indian stock market's regulator's committee, which looks at offences such as insider trading. This connection has raised eyebrows, at a time when SEBI has increased monitoring of Adani's stocks and is also reportedly looking into the FPO which the group suddenly pulled back.
Shroff's daughter is married to Karan Adani:
Cyril Amarchand Mangaldas was also among firms which advised the conglomerate on the follow-on share sale to raise Rs 20,000 crore. Shroffs involvement in SEBI has also prompted TMC MP Mahua Moitra to point out conflict of interest.
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