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Adani shifted audits from the big four.

 Adani Group, the Indian con­glom­er­ate whose account­ing prac­tices have come under fire from a short

Adani building

seller, last year shif­ted the audit of its Brit­ish sub­si­di­ar­ies from a Big Four firm to one out­side the ranks of the ten biggest in the UK.

The firm is the 12th largest in the UK, accord­ing to Account­ancy Age’s rank­ings, and its wider global net­work is out­side the top six in the world.

Adani’s Brit­ish entit­ies is made up of a port­fo­lio of renew­able power plants across India that Adani Green Energy Lim­ited, which is lis­ted in Mum­bai, acquired from Soft­Bank Group and Bharti Enter­prises in 2021. Soft­Bank had its main hold­ing com­pany in the UK, which is why accounts for these Adani sub­si­di­ar­ies are audited in Bri­tain even though the power plants are in India.

The sole dir­ector of Lon­don-based Adani Energy Hold­ings Lim­ited and its UK sub­si­di­ar­ies is San­jay Newa­tia, a former Credit Suisse banker who now runs SKN Advisors, which describes itself as a «bespoke con­sultancy serving cor­por­ates and ultra-high net worth cli­ents across UK, India and the Middle East».

Newa­tia told the Fin­an­cial Times that, while Adani’s lis­ted entit­ies were audited by «the global big six», the group «likes to pro­mote smal­ler firms as a mat­ter of prac­tice for its non-lis­ted entit­ies», adding: «Crowe UK LLP is one such firm».

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