'Reject Any Suggestion That Businesses Have Not Acted As Per Regulations': Adani Group On Auditor Facing Scrutiny

Mumbai: The Adani Group on Wednesday said that it has always conducted its business in compliance with all applicable laws and regulations and rejected any suggestion that its businesses have not acted as per the accounting standards of the jurisdictions in which they operate.

A spokesperson for the Adani Group said in a media statement in reference to the Bloomberg report on the National Financial Reporting Authority (NFRA) that the Group is confident about its practices, governance and disclosures.

Adani Group Issues Media Statement

"We strongly reject any suggestion that Adani Group and its businesses have not acted as per the regulations and accounting standards of the jurisdictions in which we operate," the statement said.

"The Adani Group has always conducted its business in compliance with all applicable laws and regulations and is confident about its practices, governance and disclosures," it added.

The Bloomberg report, citing people familiar with the matter, said that one of the Adani Group's longtime auditors is being scrutinized by India's accounting regulator.

Citing the people, it said the regulator has requested files and communications related to its audits on some of the companies going as far back as 2014.

The report said it's unclear how long NFRA's inquiry may take or what repercussions, if any, may be faced by the auditor and Adani's companies.

S.R. Batliboi currently audits five of Adani’s listed firms – Adani Power, Adani Green Energy, Adani Wilmar, and recently acquired cement companies ACC and Ambuja Cements.

The National Financial Reporting Authority (NFRA) is India's accounting regulator and was constituted in October, 2018, by the Government of India.