Auditing Giant’s Sudden Exit Shakes Adani Empire
After hearing reports that the auditor of Adani’s ports division, Deloitte Haskins & Sells LLP, would leave, Mahua Moitra issued a warning to investors.
Mahua Moitra, a member of the Trinamool Congress, gave a heads-up to investors following reports that Deloitte Haskins & Sells LLP, the auditor for billionaire Gautam Adani’s ports enterprise, is considering stepping down. According to sources familiar with the situation, Deloitte Haskins & Sells LLP has conveyed its intention to leave its position as the auditor for Adani Ports & Special Economic Zone Ltd., and a formal announcement is expected soon.
This move could raise worries about the quality of the company’s financial record-keeping. The company has been targeted by a group called Hindenburg Research that sells stocks short, and this development might add fuel to the fire of their concerns.
The global accounting Indian division reported concerns in May regarding transactions between Adani Ports and three other businesses, which Adani maintained were unrelated. At the time, the auditor claimed it was unable to independently verify Adani’s statements and evaluate whether the business was properly abiding by local regulations.