Auditor's of the Major Companies of Adani Group and Payments to Adani's Auditors for the FY 2021-22

Auditor's Detail of the Major Companies of Adani Group and Payments to Adani's Auditors for the F.Y. 2021-22 to be discussed by CA. (IP) Vivek Khurana.
Hindenburg Research Report on Adani Group :-
Hindenburg asked Adani Group to answer 88 questions about its practices - several of which concerned its used of Shah Dhandharia for auditing services.
Adani Group - Major Group Companies:-
Adani Enterprises Limited.,
Adani Ports and Special Economic Zone Limited.
Adani Power Limited.
Adani Transmission Limited.
Adani Green Energy Limited.
Adani Total Gas Limited.
Adani Wilmar Limited.
ACC Limited / Ambuja Cements Limited.
NDTV - Recently Acquired
Hindenburg Research Report on Adani Group :-
Hindenburg asked Adani Group to answer 88 questions about its practices - several of which concerned its used of Shah Dhandharia for auditing services.
“Given the complexity of Adani’s listed companies, with hundreds of subsidiaries and thousands of interrelated dealings, why did Adani choose this tiny and virtually unknown firm instead of larger, more credible auditors?” Hindenburg asked.
One of the key “red flags” raised by Hindenburg about Adani Group’s alleged subpar governance concerned its use of the firm Shah Dhandharia, which conducted audits for the flagship Adani Enterprises and Adani Total Gas.
Based out of an office in the Indian city of Ahmedabad, the firm used auditing partners who “were as young as 24 and 23 years old” to approve annual audit reports at the two subsidiaries, according to Hindenburg, which obtained and published copies of IDs and government records confirming their ages.
“They were essentially fresh out of school, hardly in a position to scrutinize and hold to account the financials of some of the largest companies in the country, run by one of its most powerful individuals,” Hindenburg said in its report.
Shubham Rohatgi, an audit partner named on Adani Total Gas's financial statements, was just 23 when he started signing off on its accounts, per Hindenburg's research.
"Given the complexity of Adani Total Gas and, particularly, Adani Enterprises, with 156 subsidiaries and many more affiliates and joint ventures, one would expect a large, highly experienced team to be monitoring its labyrinthian corporate structure," the short seller said in its report.
Hindenburg said the auditing firm’s website went offline in the middle of its investigation. The firm purportedly works out of a small office and paid the equivalent of $435 in monthly rent in 2021.
Shah Dhandharia’s website is no longer active, but archived versions of the page listed just four partners among the firm’s 11 employees. Additionally, Hindenburg said it found a record of just one other client that had enlisted Shah Dhandharia’s services - a small company called Globe Textiles with a valuation of less than $8 million.
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