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Indian billionaire Gautam Adani (Gautam Adani) and his companies doing business in different sectors do not end one problem that another starts. The Adani group, which is facing SEBI probe after Hindenburg’s allegations, has now suffered a new setback. Adani Ports & Special Economic Zone, a company of Adani Group, has suffered a setback.
Auditor does not have full confidence
In fact, in the latest case, its auditor company itself is not able to have full confidence on Adani Ports and Special Economic Zone (APSEZ). According to a Bloomberg report, Adani Ports and Special Economic Zone has not given complete information about some transactions to its auditor company Deloitte Haskins & Sells LLP.
Transactions with these 3 entities
According to the report, Deloitte Haskins & Sells LLP expressed its concerns on Tuesday over the transactions with the three bodies of Adani Ports and Special Economic Zone. Adani Ports and Special Economic Zone says that these three bodies are unrelated parties, that is, they do not have any relation with the company. At the same time, the auditor says that he cannot confirm that the concerned bodies are unrelated parties. The auditor also said that conducting an independent external investigation could have helped in confirming this, but Adani Ports refused for the same.
first time limited review
Deloitte Haskins & Sells LLP says its assessment did not contain sufficient information to satisfy audit objectives. In such a situation, the auditor said that it is difficult to comment on whether the company i.e. Adani Ports is fully following the local laws. This is the first time that the Adani group has received a qualified opinion ie limited review from the auditor.
Hindenburg had accused
American short seller firm Hindenburg Research made several allegations against the Adani group in a report released on 24 January. It was also said in Hindenburg’s allegations that money has been invested in Adani group companies through shell companies. This issue has also taken political color in India. After Hindenburg’s allegations, the Adani group has suffered a huge loss, which has not yet been recovered. On the other hand, under the supervision of the Supreme Court, market regulator SEBI is probing the allegations made by Hindenburg Research on the Adani group.
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