The Congress on October 26 cited a media report that one of the Adani Group’s long-time auditors is being scrutinised by India’s accounting regulator to allege that “something is truly rotten” in the conglomerate.
Congress general secretary Jairam Ramesh’s attack on the Adani Group came after a media report claimed that the National Financial Reporting Authority (NFRA) has in recent weeks started an inquiry into one of the member firms of EY in India, S. R. Batliboi.
In his post on X, Mr. Ramesh said, “In May 2023, a little-known statutory auditor of Adani Total Gas Limited resigned. In August 2023, another statutory auditor — this time an internationally known firm — resigned after flagging concerns on financial transactions of Adani Ports.” In October 2023, comes news of a third statutory auditor — also a big name in the profession — of five listed Adani Group companies being itself investigated by the National Financial Reporting Authority, Mr. Ramesh said.
“Something is truly rotten in Modi’s most-favoured conglomerate,” he alleged.
The Opposition party has been questioning the financial dealings of billionaire Gautam Adani’s Group after U.S. research firm Hindenburg alleged “irregularities” and charged it with stock price manipulation.
The Adani Group has denied all the allegations made in the Hindenburg report and claimed there had been no wrongdoing on its part.