Adani Ports accepts Deloitte's resignation as auditor, says reasons to quit 'not convincing' | Mint
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Business News/ Companies / News/  Adani Ports accepts Deloitte's resignation as auditor, says reasons to quit 'not convincing'
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Adani Ports accepts Deloitte's resignation as auditor, says reasons to quit 'not convincing'

Adani Ports denies Deloitte's reasons for resigning as auditor, saying they were ‘not convincing’. MSKA & Associates will be taking over as auditor.

The Deloitte company logo is seen at their office in Gurugram (REUTERS)Premium
The Deloitte company logo is seen at their office in Gurugram (REUTERS)

Adani Ports confirmed media reports about Deloitte's exit as auditor on Saturday while asserting that the reasons cited by the accounting giant were ‘not convincing’. Deloitte had reportedly voiced concern about certain transactions flagged by the Hindenburg report earlier this year that the company did not wish to scrutinise independently. The Adani Group company has said that MSKA and Associates Chartered Accountants will be taking over as APSEZ auditor. 

Adani Ports said in an official filing on Saturday evening that Deloitte had recently ‘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. It was also conveyed that it is not within the remit of the APSEZ 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," Adani Ports wrote. 

ALSO READ: Adani Ports appoints new auditor after the resignation of Deloitte

According to Adani Ports, its former auditor had been unwilling to continue as APSEZ’s statutory auditor after this exchange. Deloitte submitted its formal resignation earlier on August 12.

The Gautam Adani-led conglomerate has found itself mired in controversy since US-based short seller Hindenburg Research accused it of fraud, stock manipulation, and money laundering earlier this year.

As per a Reuters report, Deloitte had flagged three transactions in May, including recoveries from a contractor identified in the Hindenburg report. The accounting firm said hat 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.

(With inputs from agencies)

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Published: 12 Aug 2023, 09:26 PM IST
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