Adani Ports and Special Economic Zone has appointed M S K A & Associates as its auditor following the exit of Deloitte, which was its statutory auditor since 2017.
The Adani group firm said Deloitte was reappointed its statutory auditor for another term of five years in July 2022. In a meeting between the auditing firm and the Adani Ports management and its Audit Committee recently, Deloitte indicated 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,” Adani Ports said in a statement quoting Gopal Krishna Pillai, Chairman of the Audit Committee. “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.”
Deloitte, it said, was not willing to continue as statutory auditor and, therefore, the relationship was terminated.
On Friday media reports had said Deloitte had decided to resign as the statutory auditor of Adani Ports over concerns about certain transactions flagged by Hindenburg Research, and in which the company did not want an independent probe.