Workers await a cargo ship to seaside at Mundra Port, operated by Adani Ports and Special Economic Zone Ltd, in Gujarat. File.
| Photo Credit: Reuters
The audit committee of Adani Ports & SEZ Ltd. (APSEZ) has introduced the appointment of MSKA & Associates Chartered Accountants, an unbiased member agency of BDO International, as its auditor. This follows the exit of Deloitte.
Since May 2017, Deloitte had been the corporate’s statutory auditor. In July 2022, it was reappointed for an additional time period of 5 years.
In a latest assembly with the APSEZ administration, Deloitte had indicated an absence of a wider audit function as auditors of different listed Adani portfolio corporations, APSEZ stated in a press release.
“The audit committee was of the view that the grounds advanced by Deloitte for resignation as statutory auditor were not convincing or sufficient to warrant such a move,” APSEZ stated.
“It was also conveyed that it is not within the remit of the APSEZ and its board to recommend group-wide appointments as other listed Adani portfolio companies are completely independent, with separate boards, executive teams and minority shareholders,” it added.
Following this, Deloitte was not keen to proceed as APSEZ’s statutory auditor and, due to this fact, it was agreed to amicably finish the client-auditor contractual relationship between APSEZ and Deloitte, it additional stated.
“It is important to mention that in response to a query by the audit committee, Deloitte confirmed that they have received all the APSEZ information from the management of the company,” APSEZ additional stated within the assertion.
