The company was founded by Utkarsh Shah, an Ahmedabad-based businessman with interests in coal trading and real estate. While neither Adani Power nor Mukesh Shah is legally required to make any disclosures, multiple experts in accounting law and corporate governance said they believe a voluntary disclosure would have helped avoid questions of conflict of interest.Īdicorp was founded in 1995 and said it’s in the business of “dealing in shares and immovable properties".
as its statutory auditor for five years in 2020. The company borrowed ₹52.18 crore from Adani Ports and Special Economic Zone in 2019.ĪdiCorp Enterprises hired Mukesh M Shah & Co. Mint could not independently ascertain the source of Adicorp’s funds for that transaction. Adani Group did not respond to an email seeking comments on the rationale for the transactions as well as whether the eight-member board of Adani Power was told about work done by Shah’s firm for AdiCorp.Īdicorp’s ₹608.5 crore loan to Adani Power was preceded by a ₹553.28 crore loan to the power producer in the year ended March 2019. Shah did not respond to a questionnaire sent by Mint last week. It’s also unclear if the board of Adani Power was made aware of this relationship with the potential for conflict of interest by Shah. In its 27 January response to Hindenburg’s wide-ranging allegations, Adani group said this about the Adicorp transactions: “AdiCorp is not a related party, and transactions with AdiCorp are not ‘related party transactions’ under laws of Indian or accounting standards, and these have been undertaken in compliance with applicable law."īut the transaction invokes questions of propriety as one person wielded influence over two parties who could have demanded or advocated additional disclosures-the auditor of Adicorp, the lender, and the audit committee of Adani Power, the borrower.
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