Adani hires Grant Thornton for independent audit

Crisis Management

- Balance sheets of all the Group cos very healthy, says group spokesperson

- Group has strong corporate governance, secure assets, strong cash flows

- Its business plan is fully funded

- The Group debunked reports of a cut in growth goal and capex

New Delhi: Embattled Adani group has appointed accountancy firm Grant Thornton for an independent audit of some of its companies in a bid to come clean of the damning allegations levelled by the US short-seller Hindenburg Research and to assure investors and regulators.

Sources said the audit is primarily to show to regulators like the Reserve Bank of India (RBI) that the group has nothing to hide and it is in compliance with relevant laws. The audit will specifically look into if there was any misappropriation or repatriation of funds and if loans were used for any purpose other than the one they were intended for. The audit, they said, would go a long way to show that the books are healthy and project executions are on track - something that the investors are keenly watching given the damage to market value that the Hindenburg report has caused. As the run on its shares continued, Adani Group had on Monday attempted to calm the market, saying its growth plans are intact, business plans are fully funded and it remains confident of delivering returns to shareholders. Market value of the group's seven listed companies has halved since the January 24 report by the US-based short-seller Hindenburg Research alleged that Adani pulled "the largest con in corporate history" using offshore tax havens and stock manipulation. The group has denied all allegations, calling them "malicious", "baseless" and a "calculated attack on India".