Adani Ports & SEZ Appoints MSKA & Associates As Its New Auditor

Adani Ports has appointed MSKA & Associates, an independent member company of BDO International, as its new auditor, according to a statement. Adani Ports agreed at a board meeting on Saturday to accept the resignation of Deloitte Haskins & Sells LLP.

According to a regulatory filing, the appointment is in effect until the company's next annual general meeting in 2024.

"The Audit Committee/ Board is pleased to appoint M/s. M S K A & Associates (FRN: 105047W) Chartered Accountants, (an independent member firm of BDO International), a Top 6 global audit firm, as APSEZ's auditor,' Adani Ports & SEZ said in a filing to stock exchanges.

According to a source who spoke to Reuters.on Friday, Deloitte stepped down from the auditor's position due to concerns about specific related party transactions that were mentioned in a report by American short seller Hindenburg in January. However, the Indian company did not want to independently investigate these transactions,

"we wish to inform that based on the recommendation of the Audit Committee, the Board of Directors of the Company at its meeting held today noted and accepted the resignation of M/s Deloitte Haskins & Sells LLP, (FRN: 117366W/W-100018), Chartered Accountants, who have tendered their resignation vide their letters dated August 12, 2023, from the position of Statutory Auditors of the Company and its material subsidiaries for the reasons mentioned in their letter," Adani Ports & SEZ said in a filing to stock exchanges.

In May, Deloitte made reference to a few transactions that Hindenburg had previously mentioned in its report and only provided a qualified opinion about Adani Ports, reflecting concerns by a company's auditor.