Adani hires Grant Thornton for independent audits

Gautam Adani

Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds, two people familiar with the matter said on Monday.

Sources said the audit is primarily to show to regulators that the group has nothing to hide and it complies with relevant laws. The audit will specifically look at whether there was any misappropriation or repatriation of funds and if loans were used for any purpose other than the one they were intended for.

Market value of the group's seven listed companies has halved since the January 24 report by the US-based short-seller Hindenburg Research alleged that Adani pulled "the largest con in corporate history" using offshore tax havens and stock manipulation. The group has denied all allegations.

Also Read: Govt to get SEBI's Adani probe report tomorrow

‘Nothing to hide? Then why run away from probe'

The Congress on Tuesday alleged that the Centre was "running away" from a JPC probe into the Adani-Hindenburg issue and said such an investigation be allowed if the government has nothing to hide in the matter.

The party's attack on the government came after Union Home Minister Amit Shah told ANI that the BJP has nothing to hide or be afraid of in the matter. "The Supreme Court has taken cognisance of the matter. As a minister, if the Supreme Court is seized of the matter it is not right for me to comment," he said.

Addressing a press conference, Congress general secretary Jairam Ramesh said, "They [BJP govt] do not even allow us to raise the demand of the JPC in Parliament. When our leaders, including party president Mallikarjun Kharge ji, raised the demand for JPC, their remarks were expunged."

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