Congress MP Jairam Ramesh questions ex-SEBI chief UK Sinha for 'joining the board of an Adani enterprise'

Congress MP Jairam Ramesh on Tuesday questioned former SEBI chairman Upendra Kumar Sinha after he was appointed as an Independent Director at NDTV, one of India's leading media companies owned by the Adani Group.

Sinha's appointment comes at a time when the Securities and Exchange Board of India (SEBI) is investigating the Gautam Adani-backed conglomerate after Hindenburg report.

The Adani's group's companies' debt and securities ratings have come under SEBI's radar.

SEBI has likely sought details of all the ratings from credit rating agencies on local loans and securities of Adani companies. By end of February 22nd, Adani firms' market valuation dropped by 70% from its peak level.

"UK Sinha has been a distinguished administrator but having been Chairman of SEBI(2011-2017) should he now have joined the board of an Adani enterprise when SEBI is investigating Adani?

"It’s a matter of perception & optics, even assuming his connection with SEBI ended 6 yrs back," Ramesh tweeted.

Who is UK Sinha?

Sinha, a former bureaucrat, served as the Chairman of the Securities and Exchange Board of India (Sebi) between 2011 and 2017.

Before this, he was the Chairman and Managing Director at UTI Asset Management Company Pvt Ltd for six years.

Other appointments at NDTV

Apart from Sinha, NDTV also appointed Welspun India Ltd CEO and MD Dipali Goenka as Independent Directors.

The Board has approved the appointment of Sinha and Goenka with immediate effect.

Both of them have been appointed as Additional Directors in the capacity of Non-Executive Independent Directors with effect from March 27, 2023, for two years, up to March 26, 2025, NDTV said.

Last year in December, the Adani Group gained full control of news broadcaster NDTV after it acquired most of the stake of founders Prannoy Roy and Radhika Roy at a premium of almost 17 per cent over the rate it paid to minority shareholders of the firm. (With ANI inputs)