One of the points flagged by Hindenburg that was really interesting to see was the multi-billion dollar group being audited by a small time accounting firm. The vast network of onshore and offshore entities and the complex corporate structure in general being audited by such a young and obscure firm is shady to say the least. It points to a possibility that the auditing firm acts like a pawn to sign off the audit reports while an experienced team of corporate, securities and tax lawyers drawing out the corporate structure acts behind the scenes pulling the strings. CAM Ahmedabad is more or less (even more) a dedicated office for CAM Affairs. For CAM the best that could happen is the Ahmedabad office being shut down. The worst being number of high ranking partners leaving. That however is very unlikely since they manage their own books so they won't be affected much. Plus clients choose CAM for undercutting competition in terms of fees. Might be an opportunity for other firms to swoop in and poach a few clients and talent.
If (and only IF) CAM produced this shoddy response to the Hindenburg report, it speaks poorly of their skills compared to similar foreign firms. A crisp, professional and sharp reply was expected. This shows that cut-paste type work that Indian law firms do in corporate law using American templates, only goes this far against a solidly advised US company that has a big American law firm doing CYA for it.
The family will take long vacation in US under pretext and corporate law expense of filing cases against Hidenburg, which CAM will never ever actually file, because they know that way too much will come out in discovery and they can't "fix" matters the way they do here.Then all will be forgotten till some big crash will make all realise how the stock market is still not for retail investors because its controlled by cronies and Harshad Mehta
Stop this rubbish mud-slinging. Adani is a gold-standard company and CAM is a gold-standard firm. Some unknown white guy with a shady background spreads unwarranted accusations and you people are happy to parrot that and sell out your own country because of your blind hatred for the BJP and Modi.
BJP and Modi are gold standard and it's you that's dragging them into the muck-exposed scandal of Adani and CAM.A whole lot of firms are providing fraudulent numbers in their audits, SdAno got exposed doing fraudulent numbers.And CAM with that cringe 400 page report is exposed as non gold standard (not even plastic)
https://twitter.com/APanagariya/status/1622565442714730496