India‘s accounting regulator is investigating an EY member firm that audits five companies that are part of billionaire Gautam Adani’s eponymous conglomerate, a source familiar with the matter said.
The National Financial Reporting Authority (NFRA) started an inquiry into S.R. Batliboi a few weeks ago, the source said, declining to be named as the person is not authorised to talk to the media on the matter.
S.R. Batliboi currently audits three listed Adani group firms — Adani Power, Adani Green Energy and Adani Wilmar — as well as recently acquired cement companies ACC and Ambuja Cements.
“The inquiry is a part of the investigation going on regarding Adani companies and all auditors who have audited Adani companies will go through the same process,” the source said, without sharing further details. EY India, S.R. Batliboi and the NFRA did not respond to Reuters’ requests for comments. Bloomberg News first reported the news. The Bloomberg News report said the regulator had requested files and communications related to Batliboi’s audits on some Adani-controlled companies going as far back as 2014, citing people familiar with the matter.