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Adani Ports

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business2 years ago

Deloitte's Resignation as Adani Ports Auditor Raises Questions

Deloitte Haskins & Sells has resigned as the statutory auditor of Adani Ports & Special Economic Zone amid concerns over certain transactions, including one with an EPC contractor named in the Hindenburg report. Deloitte issued a "qualified opinion" on Adani Ports' FY23 results due to the company's refusal to conduct an independent external examination. Adani Ports has replaced Deloitte with MSKA & Associates as its new auditor. The resignation has raised fresh scrutiny of the accounting practices at the Adani Group, which had previously replaced Deloitte as the auditor of its UK subsidiaries.

via IndiaTimes|
#accounting-practices#adani-ports#auditor-resignation
business2 years ago

Deloitte Resigns as Adani Ports' Auditor Amidst Concerns and Differences

Deloitte has decided to resign as the auditor of Adani Ports due to concerns over certain transactions flagged in a report by Hindenburg. Deloitte had previously pointed out these transactions in its report and gave a qualified opinion. The move raises questions about the financial management of the Adani Group, which has faced allegations of improper use of tax havens and convoluted related party transactions. Deloitte had asked Adani Ports to conduct an independent inquiry into the flagged transactions, but the company did not agree. Adani Group's stocks lost significant market value following the report but have since recovered.

via Reuters India|
#adani-ports#auditor-resignation#business