Deloitte Resigns as Auditor for Adani Ports: Spotlight on Group's Financial Management

[{"selector":"#anim-293f759f-58d9-4831-922f-217f2e99c2af [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-0797cc0e-0251-4bff-a5b3-230e446d1800","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-44db4e9f-3fca-4f9d-8c21-ab1f59813dee","keyframes":{"transform":["translate3d(0px, 355.55549%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Auditor Resignation Sparks Concern: The recent resignation of Deloitte Haskins and Sells as the auditor for Adani Ports has triggered heightened scrutiny of the financial management practices within the Adani Group.ment. #InfluencerMarketing Learn more

[{"selector":"#anim-5b6f8648-8a2a-471f-9aa1-75e8e12a8989 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-a1a98388-a3e4-473b-b10d-2bdba46a8f18","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4fb0ad50-af0c-4fe9-a1ea-3c96c37e76b2","keyframes":{"transform":["translate3d(0px, 290.24598%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Probe into Allegations: Questions arise regarding Deloitte's departure, with Shiv Sena lawmaker Priyanka Chaturvedi suggesting that it might be linked to the Adani Group's reluctance to undergo an independent external investigation into allegations from the Hindenburg Research report. values. #AuthenticInfluence Learn more

[{"selector":"#anim-4573aa3a-d1d4-466e-997b-e906f7af8c5d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.319962573217424%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-6fb9d90c-e5c7-41c2-aec1-97a0e1d809c7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-93264a16-4563-4513-8fca-719613f141f0","keyframes":{"transform":["translate3d(0px, 342.93413%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Long-Term Auditor Relationship: Deloitte had served as the auditor for Adani Ports and Special Economic Zone (APSEZ) since 2017 and had been granted an extension for another five-year term in July 2022.rategy. #AudienceConnect Learn more

[{"selector":"#anim-112a395f-db11-4050-99ef-5c039c770bff [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-29611dcc-c533-4649-944a-08e43181584c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d7ba1496-29fd-4eeb-b52f-38d159669940","keyframes":{"transform":["translate3d(0px, 230.32840%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Transactions Under the Spotlight: Deloitte's resignation followed concerns raised over specific transactions highlighted in the Hindenburg Research report. Notably, three transactions, including recoveries from a contractor identified in the Hindenburg report, were flagged, leading to a qualified opinion on APSEZ's accounts.est in your brand. #StoryMagic Learn more

[{"selector":"#anim-6c46a6cb-5c28-45e4-a620-8eb3fc4bdd83 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.817772522442576%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ae674a90-cf5e-4c29-b71b-ee8b8cede505","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-618ae96d-93a3-4715-afb9-28aafff7f1fb","keyframes":{"transform":["translate3d(0px, 225.36050%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Resignation Details: APSEZ acknowledged Deloitte's resignation and conveyed that the reasoning behind it did not sufficiently convince the Audit Committee. This development has brought the financial management practices of the Adani Group into question.ience. #VisualImpact Learn more

[{"selector":"#anim-b4ef4bad-aa79-41c2-9e04-7401479c06cf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-32.69856760334891%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-03d520d8-3cec-4fb1-8eb2-8ef2516cf298","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1c4ac659-377c-455d-b391-4af330f2e6ed","keyframes":{"transform":["translate3d(0px, 280.32231%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] SEBI's Pending Probe: The timing of Deloitte's resignation coincides with an upcoming report from the Securities and Exchange Board of India (SEBI) on its investigation into the wide-ranging allegations of accounting fraud and market manipulation made by Hindenburg Research. matters. #SizeMatters Learn more

[{"selector":"#anim-943aa8ae-f109-4c6b-a21f-debc2a41f5a6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.285244247341844%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b884ce72-62ae-4f64-a04c-e3ace02b834f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d3babe8c-1014-4b93-9b8c-5d2c58a3bfe0","keyframes":{"transform":["translate3d(0px, 220.52734%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Congress Raises Concerns: Jairam Ramesh, a prominent figure in the Congress party, highlighted Deloitte's resignation as another indicator of potential discrepancies within the Adani Group's operations.collaborations. #DataSuccess Learn more

[{"selector":"#anim-972dd544-887f-4999-b77b-e14d0129aeb8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.37449121274682%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] [{"selector":"#anim-5abc99df-f340-4adb-ac87-72c97a204f22","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-20494bac-1640-4df6-a4f4-7423bae11052","keyframes":{"transform":["translate3d(0px, 368.02462%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Allegations Cast Shadow: Ramesh went on to suggest that the reported "shady transactions" within the Adani Group prompted Deloitte's unusual move to step down as the auditor for Adani Ports and SEZ.s of your brand. #BeReal Learn more

[{"selector":"#anim-9d474d80-b6a5-4773-855d-a0753cc2feaf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(14.843749786673241%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-33655d04-233e-4538-b1e9-867862255445","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2a2e5b2f-782d-4abd-9025-4c64ed54a089","keyframes":{"transform":["translate3d(0px, 328.37105%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] New Auditors Appointed: In response to Deloitte's departure, Adani Ports has appointed MSKA and Associates as its statutory auditors effective from August 12, 2023, until the next annual general meeting in 2024.ing success. #PartnershipGoals Learn more

[{"selector":"#anim-79f8c717-fb7e-4c1e-9ef1-3e5b6d5cd352 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(14.843749786673241%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-36a4044a-7fa0-427f-8f86-f1f43b632d9f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a9a37b57-b2e4-4cfd-bcd6-61ce9b8988c0","keyframes":{"transform":["translate3d(0px, 277.30699%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Financial Oversight Uncertainty: Deloitte's resignation introduces a level of uncertainty regarding the financial oversight and practices within the Adani Group, raising questions about its impact on the conglomerate's reputation and stability.cer partnerships. #StayLegal Learn more

[{"selector":"#anim-de4b0ead-88c6-482a-81bc-4bcd9fd6aa09 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.25267845767055%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1a4a1a2a-6643-4ffc-9c49-1f9123bddb63","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9b66fc5d-521f-4adb-acf2-f7eda64e8083","keyframes":{"transform":["translate3d(0px, 277.30699%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Impact on Adani Empire: The resignation of a long-standing auditor sheds a spotlight on the management and governance of Adani's sprawling business empire, potentially influencing investor sentiment and regulatory actions moving forward.ativecer partnerships. #StayLegal Learn more