Quick Summary
Deloitte has decided to resign as the auditor of Adani Ports Special Economic Zone Ltd. The decision appears to be linked to concerns over certain transactions highlighted in a report by Hindenburg Research. These transactions raised concerns that Deloitte reportedly did not wish to independently i
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FAQ :
Deloitte is reportedly resigning due to concerns over certain transactions at Adani Ports, which were also highlighted in a report by Hindenburg Research, and which Deloitte may not wish to independently investigate.
The resignation has not yet been formally announced but is expected to be made public in the coming days.
Yes, in May, the Indian unit of Deloitte had raised concerns about certain transactions between Adani Ports and three other entities, stating an inability to verify claims of them being unrelated parties or to confirm full compliance with local laws.
The planned resignation casts a fresh spotlight on the Adani Group's corporate governance practices and occurs shortly before the SEBI is expected to release its investigation findings into the Hindenburg Research allegations.
The Adani Group has consistently denied any wrongdoing and asserted its compliance with Indian laws. A Supreme Court-appointed panel did not find regulatory failure or evidence of stock price manipulation.
Yes, in 2021, a member of KPMG resigned as co-auditor of Adani Green Energy amid increased scrutiny of India's accounting industry.
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