HomeBusinessDeloitte Demanded Independent Investigation into Hindenburg's Allegations Before Resignation

    Deloitte Demanded Independent Investigation into Hindenburg’s Allegations Before Resignation

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    New Delhi, August 13 (PTI) Before resigning as the auditor for a company within the Adani Group, Deloitte had demanded an independent investigation into the allegations made by American short-seller Hindenburg Research.

    However, the company stated that the allegations had no impact on its financial accounts, and the reason cited for Deloitte’s resignation was not satisfactory.

    Adani Ports and Special Economic Zone (APSEZ) had sent a 163-page report to the stock market announcing the resignation of Deloitte Haskins and Sells LLP. APSEZ stated that officials from Deloitte expressed concerns during a meeting about the lack of an extensive audit role as auditors for other listed companies within the Adani Group.

    However, the firm informed the auditors that suggesting such appointments is not within their domain as other entities are entirely independent.

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    related : Hindenburg Report on Adani : No lack of integrity in the court-appointed committee, says Adani

    Former Home Secretary and Chairman of APSEZ’s Audit Committee, Gopal Krishna Pillai, stated, “The Audit Committee of APSEZ felt that the basis provided by Deloitte for resignation in the capacity of statutory auditors was not substantial or adequate for such a step.”

    He mentioned that Deloitte was not willing to continue as the statutory auditor and hence, an amicable end was agreed upon to the contractual relationship with the customer-auditor relationship.

    Deloitte had stated in its letter dated August 12 that it was resigning from its role as APSEZ’s auditor due to its immediate resignation from the role of the auditor for APSEZ, “as we are not the statutory auditors for other companies within the Adani Group.”

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