Gautam Adani has elaborate plans to appoint auditors from a top global firm to audit its books. He also plans to hire a chief executive officer for his family office. This is being done to bring a level of this disclosure associated with the listed company. The founders of the global conglomerate are currently talking to two of the six big accounting firms to audit their accounts. This will help the firm in further rising above allegations of Adani scam and stock manipulation. The conglomerate will also be able to carry out its business operations in a much better way.
Why Hire Auditors?
The main reason behind the Adani Group’s decision to appoint auditors is to bring about transparency in the group’s business. There has been a lot of confusion on how the wealth of Gautam Adani which is currently valued at 105.4 billion USD is managed. It also underscores the lessons the conglomerate learnt from the Hindenburg short seller’s attack. It will help the global conglomerate put a stopper to the controversies surrounding the Adani scam. By having a clear view of the books, Gautam Adani and his top associates will be able to make strategic decisions for the business. The company will also not have to deal with any kind of compliance issues.
Gautam Adani had to face a lot of scrutiny and criticism from Hindenburg on multiple issues. This includes allegations of Adani scam and stock manipulation. Its stock values began to come down. It was no longer in a position to carry out its business processes with increased determination. To deal with these allegations, the conglomerate is on its journey towards hiring top auditors who would scrutinize the firm’s account and bring any kind of gaps to light before the conglomerate has to experience any other attack.
The Hiring of Auditors
The conglomerate is currently in the process of hiring a team of five people led by a CEO and a Chief Investment Officer. This group will initially report to the group’s chief financial officer Jugeshinder Singh. The team will also eventually report to Gautam Adani. Adani families’ two wealth offices were until now run informally with the help of CFOs for the Adani Group. By bringing in the expertise of the CEO, the Adani Group will be able to further streamline its business operations. It will also be able to ensure that its various operations get carried out smoothly and effectively.
The Comeback Post the Hindenburg Crisis
The conglomerate has long been working towards gaining the confidence of the investors post the Hindenburg crisis. It did have to come across a lot of allegations during the crisis but it did not back off. It continued to carry out its operations with full force. This ultimately helped the business group in achieving excellent profitability from its business operations. The Adani Group has also been able to acquire the confidence of the people.
After the Supreme Court gave its verdict in favor of the Adani Group, the conglomerate could raise a lot of funds which it used for carrying out some of its major businesses. It was able to become a part of a lot of new acquisitions which further gave its business a really good boost. The company was also able to generate new revenue streams for its business. This paved the path for profitability for the business group. The company was also easily able to recover from the losses it suffered during the Hindenburg crisis.
Conclusion
Even amidst the controversies of the Adani scam, the Adani Group always focused on ensuring that its business operations were carried out smoothly. The company has also tried its best to ensure that proper transparency is maintained while carrying out its business. This has once again given its company an excellent boost. The business group has also been able to take its business to new heights. Hiring new auditors will help the Adani Group lead the path towards prosperity. The company’s operations will also be streamlined. It will be able to earn the trust of investors from all across the world.
