A tiny, Ahmedabad-based chartered accountancy firm run by a bunch of rookie auditors has resigned as statutory auditor of Adani Total Gas.
The report by US short-seller Hindenburg Research had questioned the appointment of Shah Dhandharia & Co as the independent auditor at group flagship Adani Enterprises and Adani Total Gas. It had argued that the firm lacked the experience to handle such a huge mandate as it had only four partners and 11 employees and operated out of a tiny rented apartment.
“Our resignation does not result from an inability to obtain sufficient appropriate audit evidence,” Shah Dhandharia said in its resignation letter on Tuesday.
