Adani Hires Auditor To Dispel Charges

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Adani Hires Auditor To Dispel Charges

| Updated: February 14, 2023 14:03

Adani group has appointed accountancy firm Grant Thornton for an independent audit of some of its companies in a bid to come clean of the damning allegations levelled by the US short-seller Hindenburg Research and to assure investors and regulators. 

The audit is initially to show to regulators like the Reserve Bank of India (RBI) that the group has nothing to hide and it is in compliance with relevant laws, said media sources.

The audit will  look into if there was any misappropriation of funds and if loans were used for any purpose other than the one they were intended for. 

Adani Group had on Monday said that its growth plans are intact, business plans are fully funded and it remains confident of delivering returns to shareholders.

Since the January 24 report by the US-based short-seller Hindenburg Research alleging that Adani pulled “the largest con in corporate history” using offshore tax havens and stock manipulation, the market value of the group’s seven listed companies has fallen by half.

The group has denied all allegations, calling them “malicious”, “baseless” and a “calculated attack on India”. It called Hindenburg the “Madoffs of Manhattan”, referring to the late financier and fraudster Bernie Madoff. 

“Once the current market stabilizes, each entity will review its own capital market strategy, be rest assured, we are confident in the continued ability of our portfolio to deliver superior returns to shareholders,” the spokesperson added.  The Adani crisis has raised concerns about India’s financial stability and ability to complete infrastructure projects.

Last week, Moody’s Investors Service lowered the rating outlook for four Adani group companies to negative from stable.  Finance Minister Nirmala Sitharaman on Saturday said the country’s regulators are very experienced and are seized of the matter relating to the Adani Group crisis. 

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