Adani Group. (file photo)
Adani Group Chairman Gautam Adani has got another blow. This time this blow has come from the group company Adani Total Gas. In fact, the company handling the auditing of the company has resigned from the group. The auditing company of Ahmedabad, Gujarat has distanced itself from Adani Total Gas citing being too busy. This time Adani Total Gas has given information to the stock market. Adani Total said that M/s Shah Dhandhariya & Co. was handling the auditing work, which has been redesigned and has been implemented from May 2.
Questions raised in the report
The special thing is that this auditing company was mentioned in the report of American short seller Hindenburg Research. At that time the report alleged that how could the auditing work of a big company like Adani Total Gas be given to such a small firm? It was said in the report of Hindenburg Research that Shah Dhandhariya & Company does not even have an updated website. According to the old pages of the website, four partners and 11 employees are running the auditing firm. Apart from Adani Total Gas, the auditor has another listed company whose market cap is less than 65%.
Why did the design auditor tell
Giving information in its design, the auditing firm said that it was assigned the task of audit on 26 April 2022, which has been completed for the fiscal year 2022-23. Although the hiring of the company was for five years, but due to being busy in many works, he has to resign. By the way, the auditing firm also had the work of Adani Enterprises. The question is whether the firm will leave its work as well. By the way, AEL’s meeting is going to be held on May 4, after which the results of the company should also be released.