Deloitte steps down as statutory auditor of Adani Ports and Special Economic Zone after it highlighted concerns over report by Hindenburg Research
By MYBRANDBOOK
Deloitte has stepped down as auditor of the Adani Group’s port company. The company is run by billionaire Gautam Adani and according to him the auditor wanted a wider remit over other firms in the conglomerate following the report of a U.S.-based short seller. This happened weeks after Deloitte raised concern over certain transactions flagged in the report on the Adani Group by Hindenburg Research.
Adani Ports and Special Economic Zone (APSEZ) in a statement has confirmed the resignation of Deloitte and the company has also appointed MSKA & Associates as the company’s new auditor.
Since 2017, Deloitte has been the auditor of APSEZ. In July 2022, it was given another five-year term.
"In Deloitte's recent meeting with APSEZ management and its Audit Committee, Deloitte indicated a lack of a wider audit role as auditors of other listed Adani portfolio companies. The Audit Committee was of the view that the grounds advanced by Deloitte for resignation as Statutory Auditor were not convincing or sufficient to warrant such a move," APSEZ said.
APSEZ conveyed that it was not within the remit of the firm and its Board to recommend group-wide appointments as other listed Adani portfolio companies are completely independent, with separate boards, executive teams, and minority shareholders.
"Following this, Deloitte was not willing to continue as APSEZ's statutory auditor and, therefore, it was agreed to amicably end the client-auditor contractual relationship between APSEZ and Deloitte," the company said.
In May Deloitte Haskins & Sells LLP highlighted three transactions which includes recoveries from a contractor identified in the Hindenburg report, in issuing a qualified opinion on the accounts of APSEZ.
In the auditors' report on the audit of the fourth quarter and 2022-23 financials, Deloitte highlighted transactions with three entities, which the company said were unrelated parties.
Deloitte, however, said it could not attest to the company's statement as no independent external examination had been done to prove the claims.
Following this, it wanted a wider conglomerate-wide audit, which the Adani Group firm refused.
Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation, and money laundering against the Adani Group, had also flagged inadequate disclosures of related party transactions. The Adani Group has denied all allegations.
Deloitte had stated that the Adani Group did not consider it necessary to have an independent external examination of these allegations because of their evaluation and the ongoing investigation by the Securities and Exchange Board of India (SEBI).
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
BHARAT ELECTRONICS LTD.
ZOHO CORPORATION PVT. LTD.
ALPHAMAX TECHNOLOGIES PVT. LTD.
TVS ELECTRONICS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SANDIP PATEL
Sandip Patel is the Managing Director for IBM India & South Asia regio...
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
ICONS OF INDIA : ROSHNI NADAR MALHOTRA
Roshni Nadar Malhotra is the Chairperson of HCLTech, a leading global ...
PARTNER SPEAKERS
PSU
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Lal Karsanbhai, President & CEO, Emerson
Lal Karsanbhai, President and CEO of Emerson, assumed the leadership i...
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
