Adani Enterprises Limited on Thursday dismissed reports of appointing the US accountancy firm Grant Thornton to run independent audits of some of its companies and called it a ‘market rumour’, according to Mint. In an exchange filing, the Group said it would be ‘inappropriate to comment’ on the matter.
The response came after media reports suggested that Adani Group has appointed Grant Thornton for an independent audit of some of its companies in an attempt to discredit allegations made in the report by the US short-seller Hindenburg Research which claimed that it has identified ‘undisclosed related party transactions’ in all listed and private companies of the conglomerate. The Group has denied the allegation made in the report.
Also read: Gautam Adani’s flagship firm reports quarterly profit amid Hindenburg row
“We would like to clarify that the said news item appears to be a market rumour and hence it would be inappropriate on our part to comment on it…We wish to confirm that we have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges,” the Group said.
Group’s seven listed subsidiaries have lost around $120 billion in market value in the last three weeks. However, the conglomerate claimed that its balance sheet is ‘very healthy’ and focused on continuing its business momentum. It further said that there is no material refinancing risk to the companies or near-term liquidity issues.
Also read: Adani stocks slide as Moody’s changes outlook on 4 firms to ‘negative’
However, the index provider company MSCI recently announced its decision to postpone implementing data change updates for two of the Adani Group’s companies – Adani Total Gas and Adani Transmission – to its May benchmark review.