Adani Group appoints MSKA & Associates as APSEZ’s auditor

economictimes.indiatimes.com:

Adani Group has appointed accounting firm MSKA & Associates as Adani Ports and Special Economic Zone’s (APSEZ) auditor, replacing Deloitte. MSKA and associates offer accounting services in India, and it is an independent member firm of BDO International, which is one of the top six global audit firms, Adani Group informed on Saturday. Deloitte Haskins & Sells LLP had communicated to Adani Ports & Special Economic Zone Ltd.

its resignation plans, and a formal announcement was expected in the coming days, Bloomberg reported on August 11, citing some people familiar with the matter. Clarifying air on Deloitte, Adani said «Since May 2017, Deloitte has been Adani Ports and Special Economic Zone’s (APSEZ) statutory auditor. In July 2022, APSEZ reappointed Deloitte as its statutory auditor for another term of five years.

In Deloitte’s recent meeting with APSEZ management and its Audit Committee, which, by policy, is comprised of and chaired by independent directors only (Mr. G. K.

Pillai, Prof G. Raghuram, Mr. P.

S. Jayakumar and Mrs. Nirupama Rao), Deloitte indicated a lack of a wider audit role as auditors of other listed Adani portfolio companies.» «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.