Karan Adani, Anant Ambani among members of Economic Advisory panel by Maha

The Economic Advisory Council (EAC) includes Karan Adani and Anant Ambani, the resolution said on Monday. 

Karan Adani, the CEO of Adani Ports and SEZ Ltd, is the son of Gautam Adani, who is battling allegations of stock manipulation and fraud in Adani Group raised by Hindenburg Research. 

The Adani Group has denied the allegations, which created a political firestorm and eroded his net worth. 

The Adani junior has been named as the expert on the ports and SEZ sector in the 21-member body. “An Economic Advisory Council as an Independent Body to advise the state government on economic and other related issues…,” the government resolution said. 

The Gautam Adani led conglomerate is still facing the heat even after a week of a report by US based short seller Hindenburg Research which accused the Adani Group of ‘brazen stock manipulation and accounting fraud scheme over the course of decades.’

In the last one week, Adani Group stocks have erased more than $118 billion in market value triggered by the report from Hindenburg Research.

On 24 January, Hindenburg Research said that the seven listed companies of the Adani group, have an 85% downside on a fundamental basis due to sky-high valuations, Hindenburg said in the report.

Anant Ambani, youngest son of India’s biggest business tycoon and Reliance Industries chairman Mukesh Ambani, heads new energy business.

The council has domain experts from fields including textiles, pharma, ports, special economic zone, banking, agriculture, industries, engineering, and manufacturing.