MUMBAI, Aug 12 (MeelBijendra) – Deloitte on Saturday resigned as auditor of Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest private port operator and logistics major, amid concerns of an allegation by US-based short-seller Hindenburg Research.
On 24 January 2023, US-based short-seller Hindenburg Research disclosed the findings of its 2-year investigation, alleging that the Gautam Adani-led group perpetrated the “largest con in corporate history”, but the Indian conglomerate Adani denied the allegations.
Subsequently, the Supreme Court of India directed the Securities and Exchange Board of India (SEBI), the Indian capital market regulator, to investigate some of the allegations made. Deloitte’s resignation comes days ahead of the much-awaited probe report on the Adani group by the Indian capital market regulator SEBI.
Further, the court constituted a six-member panel comprising a retired judge and experienced banker in March 2023 and asked it to submit its findings on the Hindenburg Report.
In July 2022, Adani Ports and Special Economic Zone (APSEZ) re-appointed Deloitte as its statutory auditor for another period of 5 years but Deloitte resigned as auditor of Adani Ports on 12 August 2023. However, Deloitte had conducted an interim financial review of Adani Ports and Special Economic Zone (APSEZ) as Independent Auditors for Q1 FY24. Earlier, since May 2017, Deloitte has been the statutory auditor of Adani Ports and Special Economic Zone (APSEZ).
Adani Ports said in a statement that the grounds provided by Deloitte for resignation from the statutory auditor position are not convincing or sufficient for such a move and we are confident that these matters will be resolved appropriately in our September 23 filing.