MUMBAI- Adani Enterprises, supported by billionaire Gautam Adani, announced on Friday that the corporate affairs ministry in India is conducting an examination of the financial records of the group’s two airports located in Mumbai, the country’s financial hub.
The ministry has requested information and documents related to Mumbai International Airport Ltd (BOM) and Navi Mumbai International Airport Ltd (NMIA) for the financial years 2017-18 and 2021-22.
Adani Mumbai Airport Accounts
Adani presently possesses and manages a total of seven airports, one of which is Mumbai’s Chhatrapati Shivaji Maharaj International Airport, acquired in 2021.
In 2019, the group secured six airports through the government’s initial privatization initiative and is currently in the process of constructing a new airport in Navi Mumbai, situated on the outskirts of the financial center.
This investigation is the most recent development in a series of challenges facing the conglomerate since a U.S. short-seller accused it of engaging in improper use of offshore tax havens and stock manipulation earlier this year.
A court-appointed panel in May reported that the investigation conducted by India’s markets regulator into these allegations had yielded no substantial findings.
Under Scanner
However, Reuters recently disclosed that the financial regulator intends to explain to the country’s highest court the reasons for initially suspending and then resuming investigations into the Adani Group following a tip in 2014, with concerns raised about regulatory delays.
In addition, based on customs records, the Financial Times reported on Thursday that the Adani Group imported coal valued in the billions of dollars at prices that at times exceeded double the market rates.
Another report from the Organised Crime and Corruption Reporting Project (OCCRP) revealed that partners of the Adani family utilized offshore funds to invest in the stocks of the Indian group.
Alongside these investigations, the Ministry of Corporate Affairs in India launched a probe into the financial statements of the Adani Group in February.
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