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Deloitte has reportedly resigned from its position as auditor of Adani Ports, according to reports from the Financial Times.
Delotte cited concerns that it could not thoroughly scrutinise transactions between companies in the group and the logistics unit.
However Adani Ports and Special Economic Zone (Apsez) stated that “the grounds advanced by Deloitte for resignation as statutory auditor were not convincing or sufficient to warrant such a move”.
Adani lost billions off its market cap after a report from New York short seller Hindenburg accused the group of using an offshore shell network to manipulate earnings and “avoid a material writedown and negative impact to net income”.
Adani denies all allegations but Deloitte also cited the company’s unwillingness to have an “independent external examination” into the allegations as a further reason to resign.
However, Apsez stated that it did not consider it appropriate to have an external evaluation while the Securities and Exchange Board of India was conducting its own probe into the allegations.
Deloitte had served as auditor for Adani Ports and Special Economic Zone (Apsez) since 2017.
Apsez has appointed MSKA and Associates as its new auditor which is an independent member firm of BDO International.
Accountancy Today has contacted Deloitte for comment.
