The Ministry of Corporate Affairs has started a preliminary review of Adani Group‘s financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday.
Adani Group has denied allegations by US-based short-seller Hindenburg Research of improper use of offshore tax havens and stock manipulation, saying it has “no basis” and is due to an ignorance of Indian law. The Indian conglomerate has also said it has always made necessary regulatory disclosures.
Adani Group is battling a stock market rout which was triggered by the Hindenburg report on Jan. 24 and this week scrapped a $2.5 billion share sale.
