Adani Ports and Special Economic Zone (APSEZ) announced the appointment of MSKA & Associates Chartered Accountants as its new auditor. The decision comes after Deloitte, the company’s previous statutory auditor, resigned from its role.
G. K. Pillai, Chairman of the Audit Committee of APSEZ, stated, “The Audit Committee/Board is pleased to appoint M/s. M S K A & Associates, a member firm of BDO International, a Top 6 global audit firm, as APSEZ’s auditor.”
In Media Statement– Mr Gopal Krishna Pillai, Chairman of the Audit Committee, APSEZ said that,
“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.”
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