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Universal Times Magazine > Blog > Other Business News > Adani Ports Auditor Deloitte to Resign After Flagging Concerns
Other Business News

Adani Ports Auditor Deloitte to Resign After Flagging Concerns

Gaurav Verma
Last updated: 2023/08/12 at 8:48 AM
Gaurav Verma
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THE auditor of billionaire Gautam Adani’s ports business is planning to resign, people familiar with the matter said, a move that may heighten concerns about accounting quality at the Indian conglomerate targeted by short seller Hindenburg Research.

Deloitte Haskins & Sells has communicated to Adani Ports & Special Economic Zone its resignation plans and a formal announcement is expected in coming days, one of the people said, asking not to be identified discussing a sensitive matter.

The Indian unit of the global accounting giant in May raised concerns over transactions between Adani Ports and three entities that Adani said were unrelated parties. The auditor said at the time it couldn’t verify Adani’s claims and couldn’t determine if the business was fully compliant with local laws. 

The planned resignation puts a fresh spotlight on governance of Adani’s empire, just days before the Securities and Exchange Board of India (Sebi) is due to submit the results of a probe into Hindenburg’s wide-ranging allegations of accounting fraud and market manipulation.

Adani has repeatedly denied any wrongdoing, and a panel appointed by India’s Supreme Court found no regulatory failure or signs of stock price manipulation.

BDO India LLP’s audit arm MSKA & Associates may replace Deloitte Haskins & Sells, one of the people said. 

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Gaurav Verma August 12, 2023 August 12, 2023
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