The resignation of Deloitte Haskins & Sells as Adani Port’s auditor raises concerns about financial administration within the corporation.
The financial management at the business run by billionaire Gautam Adani has come under renewed scrutiny following Deloitte Haskins & Sells’ resignation as auditor of the Adani Ports. Priyanka Chaturvedi, a member for the Shiv Sena (UBT), questioned whether the auditor’s resignation was related to the Adani Group’s opposition to an independent external examination into some of the claims made by US short-seller Hindenburg Research.
Has Deloitte & Haskins resigned as a result of the Adani Group of Companies’ rejection of a third-party independent examination of claims made in the Hindenburg Report? On what was formerly Twitter, Chaturvedi posted.
Since 2017, Deloitte has served as the APSEZ’s auditor. Adani Ports & Special Economic Zone. It received a second five-year term in July 2022.
Weeks after Deloitte expressed worry regarding a few transactions noted in Hindenburg Research’s research, the resignation was announced. In delivering a qualified opinion on the accounts of APSEZ in May, the auditor noticed three transactions, including recovery from a contractor mentioned in the Hindenburg report.
According to APSEZ, which announced the resignation of the auditor, “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.
Adani has been audited by Deloitte. The Audit Committee believed that the justifications put forth by Deloitte for resigning as Statutory Auditor were neither compelling nor sufficient to support such a decision.
Just days before the Securities and Exchange Board of India (SEBI) is about to present the findings of an investigation into Hindenburg’s extensive charges of accounting fraud and market manipulation, the resignation casts new light on the administration of Adani’s enterprise.
In reference to the allegations against Adani Group, Congress general secretary Jairam Ramesh referenced Deloitte’s resignation and said, “When statutory auditors repeatedly quit, you know that things are not as they are projected.”
Ramesh claimed in a statement that Deloitte Haskins and Sells had taken the rare step of resigning as the auditor for Adani Ports and SEZ due to questionable activities by the PM’s preferred business group.
According to a statement by the firm, Adani Ports has named MSKA & Associates as its statutory auditors with effect from August 12 till the date of its upcoming annual general meeting, which will take place in 2024.