Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History

[Skull and Bones]

Circular buying and selling of shares to inflate stock price is nothing new, there are many youtube videos saying the same thing back in 2020s. Looking at the PE ratio of the Adani owned companies should be enough to discourage any knowledgeable investors to stay away from it.

 

[StraightEdge]

Some amazing price.

For reference the P/E ratio of NIFTY 50 itself is around 22.

 

[Pranaayam]

It is not about buying or not buying the stock.

Adani is taking huge loans based on elevated stock prices.

When the stock price falls, the loans will turn into NPA.

Those NPAs will be written off by Modi using Indian Tax payers money.

Let Indian tax payers and investors worry about that.

 

[StraightEdge]

The audit partners at Shah Dhandharia who respectively signed off on Adani Enterprises and Adani Gas’ annual audits were as young as 24 and 23 years old when they began approving the audits.

Must be super brilliant at that age with an IQ of 242.

 

[casual]

Let's see if Adani has the balls to sue in US courts. They won't like the discovery process.

 

[Hecig]

It's much more than that. No "real" revenue is being recorded, even though annual statements show revenue. Revenue is being generated by invoicing to own shell companies etc. Furthermore, the artificial stock price inflation is being used as collateral for more loans (all from state banks, courtesy of Modi of course.

And no stock price manipulation is not standard practice globally.

All Large trading firms manipulate the stock market. Only the level of sophistication varies.

Its like doping in the Olympics, only some nations get away with it.

Adani is just playing by the "rules" and using the same system to its advantage. Even a lay person can take a look at its inflated prices and know its manipulated. So anyone who invests in it is taking a known risk.

OTOH Adani is highly leveraged but is investing all its capital into Capacity building and Infrastructure building. So as long as India keeps growing , Adani asset value will keep increasing to compensate for its low interest international loans.

In fact Adani exposure to Indian Banks is only 32%. 68% of its loans come from international lenders and international bonds.

So in my view Adani is a safe bet and risk of failure are very very low. Especially given its network within all levels of Indian govt. /Sate govt. and political parties. Its TOO BIG to Fail.

The audit partners at Shah Dhandharia who respectively signed off on Adani Enterprises and Adani Gas’ annual audits were as young as 24 and 23 years old when they began approving the audits.

View attachment 913357

Must be super brilliant at that age with an IQ of 242.

You realize that there are software that does all of this right ?

 

[kmc_chacko]

https://twitter.com/x/status/1618080707871657984

View attachment 913191

The audit partners at Shah Dhandharia who respectively signed off on Adani Enterprises and Adani Gas’ annual audits were as young as 24 and 23 years old when they began approving the audits.

View attachment 913357

Must be super brilliant at that age with an IQ of 242.

and your point is ?

any commerce degree holder can become a CA with articleship of 6 months and with good guide and knowledge he can get through CA exams in 1-2 years. Its normal for junior CA's to take up as partners in a CA's office where he has done his articleship which inturn help them not only in getting more files but also earn more.

Auditor only verifies the documents which is provided to him and there reports will disclose the extant of their audit which is prescribed by ICAI and ISAP if it is a company then TCA 2013. Further, a certified auditor (CA) can sign 40 Tax Audit filings and as per my experience a firm with 4+11 is more than enough to audit 160+ tax audit filings and they will easily have the time to file different ITRs & GST compliances of another 240 firms of different verities of co-operatives, Banks & Financial institutions.

So if you are questioning their capacity leave it to ICAI and if you are enquiring about Adanis documents submitted to CA's for verification/Audits, then that can questioned.

HIndus fascists are swindling the Muslim tax payers money.

Muslims and tax payers new to me

 

[StraightEdge]

and your point is ?

My point is - Adani Enterprises alone has 156 subsidiaries and many more joint ventures and affiliates, for example. Further, Adani’s 7 key listed entities collectively have 578 subsidiaries and have engaged in a total of 6,025 separate related-party transactions in fiscal year 2022 alone.

I am pretty sure some 23/24 year old CA's are not capable of such complex audits. Can you show me some examples of that in the world?

 

[Hecig]

My point is - Adani Enterprises alone has 156 subsidiaries and many more joint ventures and affiliates, for example. Further, Adani’s 7 key listed entities collectively have 578 subsidiaries and have engaged in a total of 6,025 separate related-party transactions in fiscal year 2022 alone.

I am pretty sure some 23/24 year old CA's are not capable of such complex audits. Can you show me some examples of that in the world?

View attachment 913430

This subsidiaries probably have to do with GST than any thing else. Exploiting Tax loopholes.

Its not all that complicated when CA's have records they can examine.

 

[StraightEdge]

This subsidiaries probably have to do with GST than any thing else. Exploiting Tax loopholes.

Its not all that complicated when CA's have records they can examine.

Ok - if you say so. What I want to know can you name another company of similar size of Adani which does things like that? Bajaj/ITC/HDFC/Tesla/Facebook or anyone else of similar size?

 

[Hecig]

Ok - if you say so. What I want to know can you name another company of similar size of Adani which does things like that? Bajaj/ITC/HDFC/Tesla/Facebook or anyone else of similar size?

Don't know, don't care.

OTOH,

Adani lines up detailed response to ‘bogus’ short seller report​

Companies linked to Indian billionaire Gautam Adani plan a detailed response Friday to a short seller’s report that they labeled as “bogus,” according to bondholders who participated in a conference call with Adani executives.

The Adani Group held the call with fixed-income investors after US short seller Hindenburg Research leveled a series of extraordinary allegations about the sprawling conglomerate. Adani Group set out a reply to some of the issues in an 18-page presentation titled “Myths of Short Seller” on the call, according to people familiar with the matter, who asked not to be named as the talks were private.

The group said it would publish a more detailed reply to Hindenburg’s 100-page dossier on Friday. On the call, it told investors that assertions of accounting fraud were “devoid of facts.” Eight of the nine Adani portfolio companies are audited by one of the so-called “big six” auditors, according to the presentation seen by Bloomberg.

The company wasn’t immediately available for comment. Hindenburg, in a statement on Twitter as the call was beginning, said Adani Group “hasn’t addressed a single substantive issue we raised.”

The investor call was arranged by Barclays Plc, Deutsche Bank AG, Mitsubishi UFJ Financial Group Inc. and Standard Chartered Plc, according to one of the people. Barclays, Deutsche and Standard Chartered declined to comment while MUFG did not immediately respond to a request for comment.

A raft of bonds tied to Adani Group companies fell on Wednesday following the Hindenburg Research report, before stabilizing on Thursday. A planned share sale — India’s biggest ever primary follow-on public offering — appeared to be on track.

Hindenburg Research has said its report is the result of a two-year investigation into what it’s characterizing as a brazen scheme of stock manipulation and accounting fraud dating back decades.

The Adani Group has said it’s exploring legal action against Hindenburg Research, having called its report “maliciously mischievous” and “unresearched.”

 

[StraightEdge]

 

[StraightEdge]

India's Adani slammed by $48 bln stock rout, clouds record share sale | Reuters
Adani Group shares slide further; lose nearly Rs 3.4 lakh crore in market cap by Friday afternoon | Business News,The Indian Express

 

[Al_Muhannad]

Indian bloatedness in its naked form. Wait till you come across their tech and pharmaceutical sectors.

 

[Hecig]

View attachment 913474

India's Adani slammed by $48 bln stock rout, clouds record share sale | Reuters
Adani Group shares slide further; lose nearly Rs 3.4 lakh crore in market cap by Friday afternoon | Business News,The Indian Express

Hindenburg is an Trading company that specialize in SHORT SELLING .

Its entire business strategy is to make money by selling Short. This time its target was Adani group.

Earlier it has targeted Twitter and Tesla too.

This will blow over too.