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Adani Group hires US firm Grant Thornton to conduct an independent audit of its companies: Reports

Grant Thornton LLC will evaluate issues pertaining to internal controls, related party transactions and legal compliance.

Three weeks after ‘Hindenburg Research’ published a report targeting the Adani Group, the Indian conglomerate has availed the services of US-based firm Grant Thornton LLC.

As per a report by Reuters, the accounting and advisory organisation has been hired to conduct an independent audit of some of the companies run by billionaire businessman Gautam Adani.

The development comes after the Hindenburg Research report and the subsequent media speculations over the Adani Group wiped out $120 billion market value from 7 listed subsidiaries of the Adani group. Citing sources, Reuters reported that Grant Thornton LLC will evaluate whether Adani Group complied with global corporate governance standards.

The report added that the accountancy organisation will also evaluate issues pertaining to internal controls, related party transactions and legal compliance. Meanwhile, on Monday (February 13), Adani Group assured its investors that it had strong cashflows and fully funded business plans.

Gautam Adani had also enlisted the services of Wachtell, a highly-priced legal firm in the United States, to defend against claims made by short-seller Hindenburg Research, a report published in Financial Times had said earlier.

According to the report, Wachtell was approached by the Adani conglomerate through the office of the Cyril Amarchand Mangaldas firm, which is spearheading the defence of Adani Group.

On January 24 this year, the US-based investment research firm published a 32,000-word report, accusing the Adani Group of stock manipulation and use of tax havens.

The Adani Group trashed the Hindenburg Research report as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”.

On January 29, the Adani group slammed Hindenburg Research with a 413-page report, dismissing allegations levelled by the latter. The Adani group pointed out how the US-based investment research firm sought to benefit from its report attacking the Indian conglomerate.

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