Key Points
NEW DELHI, Aug 11 (Reuters) - Deloitte has decided to resign as auditor of India's Adani Ports (APSE.NS) amid concerns over certain transactions flagged in a report by Hindenburg, which the company did not wish to independently look into, a source with direct knowledge said.. Deloitte in May had pointed to certain transactions flagged by the U.S. short-seller in its report and gave only a qualified opinion, which indicates concerns by a company's auditor...
The auditor's move casts a fresh shadow on financial management at Adani Group, which has since January faced the brunt of Hindenburg's allegations around alleged improper use of tax havens, convoluted related party transactions and the group's debt levels, which the group has denied...
Deloitte's resignation comes after it asked Adani Ports to conduct an independent inquiry on related party transactions flagged by Hindenburg, to which the company did not agree, the source said.. Deloitte and Adani Ports did not immediately respond to Reuters' requests for comments...
Last month, Adani Chairman Gautam Adani called Hindenburg's report a "malicious attempt" at damaging the conglomerate's reputation and said the group was confident of its governance and disclosure standards after the panel found no lapses...
Aditya Kalra is the Company News Editor for Reuters in India, overseeing business coverage and reporting stories on some of the world's biggest companies. He joined Reuters in 2008 and has in recent years written stories on challenges and strategies of a wide array of companies -- from Amazon, Google and Walmart to Xiaomi, Starbucks and Reliance..
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