Founders not involved in speculative activity, says Adani Group CFO

The report said the Carmichael project's rail assets were transferred from AEL to the promoter's private company and the latter immediately wrote off their value, implying that AEL overstated revenue. However, AEL had fully booked the write-off on its books and the family company simply copied that accounting, as per the advice of the relevant auditor. "This is not ignorance or a mistake but a deliberate attempt to mislead," he said.