The Gautam Adani-led conglomerate Adani Group has reportedly hired accounting firm Grant Thornton to conduct some independent audits as the Hindenburg crisis continues. The news that Adani is monitoring some of its subsidiaries in an apparent attempt to “discredit claims” in the damning Hindenburg Research report has spread like wildfire.
The publication of the damning Hindenburg Research report “battered its (Adani Group’s) stocks and bonds,” Reuters writes, referring to the company’s financial assets. According to the report, the hiring of Grant Thornton is “the Adani Group’s first major effort to defend itself in the aftermath of a Jan.24 report by Hindenburg that accused it of improper use of offshore tax havens and stock manipulation.”
Previously, the Adani Group was said to be considering a legal audit of all aspects of the company, including party transactions and internal controls.
According to the sources, who asked not to be identified because the appointment is private, “Grant Thornton has been hired to conduct independent audits of some Adani Group companies.” According to one of the sources, Grant Thornton will review related party transactions at the Adani Group to ensure they comply with corporate governance standards.
Adani Group reassured investors earlier this week that the conglomerate and its entities had strong cashflows and that it was “confident” in its portfolio’s ability to deliver returns to investors. The Gautam Adani-led group denied all of the allegations made in the Hindenburg report, including stock manipulation and fraud.
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