Adani Appoints Grant Thornton For Independent Audits Following Hindenburg’s Fallout

NEW DELHI: Adani Group has decided to take assistance from an accountancy firm called Grant Thornton for independent audits of few of its companies in a bid to dishonour the accusations put forth by Hindenburg Research. 

This particular appointment by the Adani Group points the first effective approach to defend the reputation against Hindenburg’s allegations on 24th of January for stock manipulation and forgery. The cluster, headed by billionaire Gautam Adani has opposed all accusations, however, the investors are in a intense state of tension due to massive downfall in stock. 

Grant Thornton will work towards providing independent audits to some of Adani group companies. The respective companies refused to reveal their names on grounds of confidentiality. Last week, Adani’s stated that independent evaluation will take place in order to examine issues connected to legal compliance, related party transactions and internal controls.

According to sources, the Grant Thornton would examine if related party transactions at the Adani Group obeyed with the corporate government ways and standards. The Adani Group has appointed Wachtell, Lipton, Rosen & Katx, to take up the case of Hindenburg Research, that has put allegations on Adani’s regarding stock manipulation and forgery. 

Adani has now passed on the task to the New York based law firm in order to dig out the truth behind the accusations. As per reports, the law firm is one of the most expensive of all firms in NY, which implies the intense amount of presence Adani’s are going through. Notably, Wachtell, Lipton, Rosen & Katz was appointed by Twitter during their clash with Elon Mask. Hindenburg Research on 24th of January claimed that, Gautam Adani is involved in stock market manipulation. 

Apart from that, several allegations were made against Adani group and the role of his close family members. The Adani group claims that the allegations are null and it is trying to defame and sabotage the FPO of Adani Enterprise.

However, Adani denied all allegations and declared legal action against the Hindenburg research after the stock market witnessed a massive loss. Hindenburg basically works as a forensic economic research enterprise concentrated on stock, investment and production.

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