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Adani auditors as young as 23 years old

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India’s Adani Group used a firm with just 11 employees, some in their early twenties, to audit the accounts of two of its biggest companies, according to Hindenburg Research’s scathing report on the industrial giant.

Hindenburg’s 32,000 word report, published January 24, accused Adani of market manipulation, insecure debt, and accounting fraud. One of the company’s “key accounting red flags,” it said, was Adani’s use of auditor Shah Dhandharia to manage the accounts of Adani Total Gas and Adani Enterprises, which last month were valued at a combined $100 billion. They’re now worth an estimated $45 billion after the short seller’s report triggered a huge selloff.

The research group was citing the auditor’s website, which is now defunct. It took screenshots of the site and archived old versions.

The only other entity Hindenburg could identify that Dhandharia has audited had a relatively meager market cap of 640 million rupees ($7.8 million). Hindenburg said Dhandharia had just four partners and 11 employees. Some employees were as young as 23 or 24 years old, while the audit partners who signed off on the companies’ financials were 28.

Shubham Rohatgi, an audit partner named on Adani Total Gas’s financial statements, was just 23 when he started signing off on its accounts, per Hindenburg’s research. (Yahoo UK)

Monday, February 6, 2023 – 01:00

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