India’s Adani says ministry starts probe related to its Mumbai airports – ThePrint

BENGALURU (Reuters) -Billionaire Gautam Adani’s Adani Enterprises said on Friday that India’s ministry of corporate affairs had started an accounting probe related to its two airports in Mumbai.

Adani said the ministry had sought information and documents on the units – whose acquisition was completed in the financial year 2021-22 – spanning financial years 2017-18 and 2021-22.

Adani Group did not immediately respond to a Reuters request for comment seeking further details.

The investigation is the latest in a string of troubles for the conglomerate since a U.S. short seller earlier this year accused it of improperly using offshore tax havens and stock manipulation.

India’s Ministry of Corporate Affairs had in February initiated another probe into the Adani Group’s financial statements.

A separate probe into suspected violations in overseas investments in the Adani group by India’s markets regulator has “drawn a blank”, a court-appointed panel said in May.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman and Anil D’Silva)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

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