The auditing firm Deloitte offered a qualified opinion on the financial statements of Adani Ports & Special Economic Zone and highlighted three transactions, including recovery from a contractor mentioned in the Hindenburg report.
Deloitte Haskins & Sells LLP noted transactions with three entities in the auditors’ report on the audit of the fourth quarter and 2022–2023 financials, claiming that they were unrelated parties.
Deloitte, on the other hand, stated that it was unable to vouch for the company’s assertion because no impartial external investigation had been conducted to support the assertions. In its research from January 24, Hindenburg Research, which accused the Adani group of fraud, stock manipulation, and money laundering, also raised the issue of incomplete declarations of related party transactions.
Even though the group has refuted every accusation, the Supreme Court appointed an expert committee to evaluate the current regulatory system and ordered the stock market regulator SEBI to finish its investigation of the claims. According to Deloitte, the Adani group did not believe that it was necessary to conduct an impartial outside inquiry into these claims due to their assessment and the Securities and Exchange Board of India’s (SEBI) ongoing investigation.
Deloitte stated in comments to the APSEZ financial statement that the evaluation carried out by the group was insufficient for the purposes of their audit. The auditor stated that it is unable to comment on the extent of the company’s compliance with the law or whether the transactions flagged may necessitate adjustments to or disclosures in the financial statement regarding related parties due to the lack of an independent external examination and the ongoing SEBI investigation.
In its interim report, the six-member expert group that the Supreme Court appointed this month found no indications of price manipulation or regulatory failure in the equities of the Adani Group.
Engineering, procurement, and construction (PEC) purchase agreements with a subsidiary of a party mentioned in the Hindenburg report were among the transactions that Deloitte noticed.
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