Adani Group: Auditor firm Deloitte resigns from Adani Group, now this company will handle the work.

Deloitte Haskins & Sells LLP, the auditor firm of Adani Ports & SEZ, has resigned from the post of auditor of the company. While this company will be replaced by MSKA & Associates, the group has confirmed its appointment as the new auditor.

Deloitte was handling the work of auditor since 2017

Deloitte was handling the auditor of Adani Ports and SEZ since 2017. It was given another term of five years in July 2022. According to media reports, the Adani Group on Saturday said that Deloitte’s reasons for resigning as its auditor were not sound, adding that the reasons given by Deloitte for leaving the company were not very convincing.

New auditor of Adani Ports and SEZ

Adani Group informed on Saturday that MSKA & Associates offers accounting services in India. It is an independent member firm of BDO International, one of the top six global audit firms. It is believed that the Hindenburg Report is behind this, in which questions were raised about some transactions.

Adani suffered huge loss after Hindenburg report

Adani Group’s shares have lost nearly $150 billion in market value since the Hindenburg report, but have regained some of the lost ground after paying off its debt and regaining investor confidence. Hindenburg Research in its January 24 report leveled allegations of fraud, stock manipulation and money laundering against the Adani group. Adani Group has denied all the allegations.

Deloitte raised questions

In the auditors’ report on the fourth quarter and financial audit for 2022-23, Deloitte had raised questions about three deals in its comments on the company’s accounts. Deloitte, however, said it could not verify the company’s statement as there was no independent external investigation to substantiate the claims.