Two firms that audit most of the group’s companies have multiple links, raising issues of corporate governance.
Dharmesh Parikh & Co. and Shah Dhandharia & Co. are the two firms largely responsible for auditing the Adani group. But that’s not the only thing they have in common. Moreover, the auditor who signs off on the books of the conglomerate’s flagship company has only five years of professional experience.
These, and more such facts, were thrown up by an investigation that The Morning Context conducted on the Ahmedabad-headquartered group’s auditing practices.
Take, for instance, Shubham Rohatgi, a partner at Shah Dhandharia & Co., which currently audits Adani Enterprises. He received his certification from the Institute of Chartered Accountants …
Furquan covers banking and financial services at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
Aakriti used to write at the intersection of public markets and large corporations. She joined The Morning Context from The Financial Express, where she was with the markets team, and before that had started out in business journalism as a correspondent with Reuters.