How the Adani group worked its way around a forensic audit

An unnamed law firm’s clean chit and the ‘qualified’ opinions of its auditors help the group give the lie to the charges levelled by a US-based short seller.

When Ahmedabad-based Shah Dhandharia & Co. resigned as the statutory auditor of Adani Total Gas on 2 May, barely a year after its reappointment, it cited “increased professional pre-occupation in other assignments” as the reason for doing so. The firm went on to add that “our resignation does not result from an inability to obtain sufficient appropriate audit evidence. There are no other circumstances connected with our resignation which we consider should be brought to the notice of the Board.”

​​Yet, that very day, the audit firm had given a “qualified” opinion on the company’s fiscal 2022-23 March quarter financial …


Furquan Moharkan

Furquan leads the banking coverage 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.

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