Adani Ports & Special Economic Zone Ltd. said on Saturday that it has appointed MKSA & Associates as its statutory auditor. The appointment follows Deloitte's exit as statutory auditors to the company on the same day.
MKSA & Associates is an independent member firm of BDO International.
"As discussed, we are tendering our resignation as statutory auditors of the company with immediate effect, as we are not statutory auditors of a substantial number of other Adani Group companies..." Deloitte said in its resignation letter.
According to the audit committee of Adani Ports' board, there are no other reasons for the resignation, except those mentioned in the resignation letter.
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"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," Gopal Krishna Pillai, chairman of the audit committee at APSEZ, said in a statement.
Deloitte had been appointed as statutory auditor of APSEZ since 2017. In July last year, the board had reappointed Deloitte as statutory auditor for another five years. In Deloitte's recent meeting with APSEZ management and its audit committee, the auditor indicated a lack of a wider audit role as auditors of other listed Adani portfolio companies.
According to the audit committee the grounds advanced by Deloitte for resignation as statutory auditor were not convincing or sufficient to warrant such a move, Pillai said. "It was also conveyed that it is not within the remit of APSEZ and its board to recommend group-wide appointments," he said.
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