Get Instant Loan up to ₹10 Lakh!
Adani Group’s UK units dropped Deloitte as auditor for smaller firm
- Reports say Crowe UK has replaced the Big Four firm as the auditor of UK entities including Adani Energy Holdings Ltd after the Indian firm bought them in 2021
The Adani Group has dropped Deloitte as the auditor of its various subsidiaries in the UK last year, replacing it with a far smaller accountancy firm, according to a Bloomberg report.
According to corporate filings, Crowe UK has replaced the Big Four firm as the auditor of UK entities including Adani Energy Holdings Ltd after the Indian firm bought them in 2021.
Crowe UK is ranked as the 12th largest firm by fee income in the UK by Accountancy Age.
The UK subsidiaries of the Adani Group include a portfolio of renewable power plants across India that were sold to Adani Green Energy Limited by SoftBank Group and Bharti Enterprises in 2021. Adani hired Crowe UK to audit the companies after the acquisition, ditching Deloitte which used to audit the accounts.
SoftBank’s had a “UK holding company and thus primary audit was in [the] UK,” Adani Green Energy Limited said in a statement to the Financial Times, which reported the news earlier. It noted that EY — a Big Four firm — audits the group’s listed Indian parent company.
Now, Adani is seeking to restore confidence in his sprawling conglomerate’s financial health.
In the brutal fallout of US-based Hindenburg Research's report, investors dumped Adani shares, while the group's flagship company, Adani Enterprises, was forced to abandon a $2.5 billion share sale last week.
The US-based firm had accused it of accounting fraud, stock price manipulation and pledging their inflated shares for loans —- allegations Adani has repeatedly denied.
Meanwhile, Group Chairman Gautam Adani lost his title as Asia's richest person and slipped down the global rankings of the wealthy.
Shares of Adani Group companies have lost more than half their market value, topping a cumulative $110 billion, after U.S. short-seller Hindenburg Research last month raised questions about the group's debt levels and use of tax havens.
Group Chairman Gautam Adani lost his title as Asia's richest person and slipped down the global rankings of the wealthy.
The Adani Group today said shares related to some group companies will be released following the pre-payment of $1.11 billion of loans ahead of their maturity in 2024.
With the pre-payment of loans against shares, promoter holdings of 12% in Adani Ports and Special Economic Zone Ltd, 3% in Adani Green Energy Ltd and 1.4% in Adani Transmission Ltd will be released, the embattled group said in an official statement.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
First Published:6 Feb 2023, 05:24 PM IST
- Top Gainers
- Top Losers
- 52 Week High