The audit firm’s stance is in sharp contrast to the qualified opinion given by the conglomerate’s other auditors.
Deloitte Haskins & Sells LLP, the auditor of Adani Ports and SEZ Ltd, has said that the company’s evaluation of US-based short-seller Hindenburg Research’s allegations is insufficient evidence for an audit and it can issue only a qualified opinion on the firm’s financial statements for the quarter ended 31 March.
“The evaluation performed by the group, as stated in the Note 15, doesn’t constitute sufficient appropriate audit evidence for the purpose of our audit,” the audit firm said.
Deloitte went on to note that “the [Adani] group did not consider it necessary to have an independent external examination of these …
Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
Editor, Banking
furquan@mailtmc.com
Delhi