Categories: Press Release

Adani Ports & Special Economic Zone (APSEZ) appoints MSKA & Associated as auditor

The Audit Committee/ Board is pleased to appoint MSKA & Associates (an independent member firm of BDO International, a Top 6 global audit firm,) as APSEZ’s auditor.

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. It was also conveyed that it is not within the remit of 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. Following this, Deloitte was not willing to continue as APSEZ’s statutory auditor and, therefore, it was agreed to amicably end the client-auditor contractual relationship between APSEZ and Deloitte. 

 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. The same has been confirmed by Deloitte in their resignation letter dated 12th August, 2023 to the Company.

The ’Other Matters’ highlighted in the auditor’s resignation are adequately disclosed and addressed in our FY23 financial statements. We are fully confident that these matters will be appropriately resolved in our September ‘23 filing.

Aditi

Recent Posts

Will Donald Trump Handover His Presidency To Elon Musk? President-Elect Retorts, ‘Not Happening’

Elon Musk, known for his significant political contributions, donated $238.5 million to Trump’s presidential campaign—the…

5 mins ago

Tragic Accident: Drunk Truck Driver Crushes 9 People Sleeping On Footpath, 3 Killed On The Spot, Driver Arrested

The accident involved 12 people who were resting near the footpath, with some sleeping in…

13 mins ago

Real-Time Air Pollution: What Is Delhi’s AQI After Light Rain As Temperature Drops To 9 Degrees Celsius

Parts of Delhi-NCR experienced light rainfall on Monday morning, but the Air Quality Index (AQI)…

41 mins ago

Bharat Progress Report 2024: D. Gukesh Becomes Youngest-Ever World Chess Champion

India's Gukesh Dommaraju has made history by becoming the youngest World Chess Champion at 18,…

1 hour ago

Delhi-NCR Weather Alert: Heavy Rain And Chilly Cold Expected This Week

Delhi NCR is in for heavy rain and bone-chilling cold this week, with a yellow…

2 hours ago

Who Is Gabriel Enrique Angarita Carrasquero? Texas Border Riot Mastermind Arrested After Seven-Month Manhunt

Gabriel Enrique Angarita Carrasquero, one of Venezuela's migrants, was finally captured after an almost seven-month…

2 hours ago