+
Deloitte flags Adani Port transactions citing lack of review
PORTS & SHIPPING

Deloitte flags Adani Port transactions citing lack of review

The auditor for Adani Ports & Special Economic Zone Ltd. stated that it can only render a qualified opinion on the company's financial statements due to insufficient disclosures regarding some transactions, bringing back into the public eye the criticisms of Gautam Adani's empire voiced by short seller Hindenburg Research.

On Tuesday, Deloitte Haskins & Sells LLP expressed concern regarding three transactions the port unit had with unrelated parties, according to the firm. However, the auditor claimed that because the firm declined to obtain an impartial external assessment that would have helped establish the parties' lack of relationships, it was unable to confirm that they were unrelated.

The US short seller report, which contains charges that have reduced the group's market value by more than $100 billion, has been cited by a top auditor for the first time in a qualified opinion on a portion of the empire's books. The action would rekindle worries that the port-to-power conglomerate's financial operations continue to be obscured by transparency gaps and runs the risk of impeding its efforts to refute the charges of significant corporate wrongdoing made by Hindenburg.

The auditor for Adani Ports & Special Economic Zone Ltd. stated that it can only render a qualified opinion on the company's financial statements due to insufficient disclosures regarding some transactions, bringing back into the public eye the criticisms of Gautam Adani's empire voiced by short seller Hindenburg Research. On Tuesday, Deloitte Haskins & Sells LLP expressed concern regarding three transactions the port unit had with unrelated parties, according to the firm. However, the auditor claimed that because the firm declined to obtain an impartial external assessment that would have helped establish the parties' lack of relationships, it was unable to confirm that they were unrelated. The US short seller report, which contains charges that have reduced the group's market value by more than $100 billion, has been cited by a top auditor for the first time in a qualified opinion on a portion of the empire's books. The action would rekindle worries that the port-to-power conglomerate's financial operations continue to be obscured by transparency gaps and runs the risk of impeding its efforts to refute the charges of significant corporate wrongdoing made by Hindenburg.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Syrma SGS Elemaster Opens High-Reliability Electronics Facility

Syrma SGS Technology and Elemaster Group have inaugurated a new high-reliability electronics manufacturing facility in Bengaluru through their joint venture, Syrma SGS Elemaster Private Limited.The facility aims to strengthen India’s advanced electronics manufacturing capabilities and support customers across domestic and global markets, particularly in sectors requiring high quality, reliability and stringent manufacturing standards.Located in the Bommasandra Industrial Area, the 20,000 sq. ft. facility is equipped with advanced Surface Mount Technology (SMT), Through-Hole Technology (THT) ..

Next Story
Real Estate

UrbanVault Expands Chennai Workspace Portfolio with 100,000 Sq. Ft.

UrbanVault has expanded into Chennai with approximately 100,000 sq. ft. of managed workspace across three properties, strengthening its presence in India’s flexible workspace market.The company’s Chennai portfolio includes Olympia Teknos and UV IPL in Guindy, and Ceebros Chambers on Velachery Main Road. The expansion marks UrbanVault’s entry into its seventh city, taking its national footprint to more than 3 million sq. ft. across 80+ centres.UrbanVault expects its annual revenue to cross Rs 350 crore in FY27, supported by expansion across major business hubs and rising demand for manage..

Next Story
Real Estate

LML Realty Launches Digital Platform for Custom Factories

LML Realty has launched ‘Your Factory’, a digital platform that enables businesses to configure, customise and order built-to-suit factories online. The platform combines plot selection, factory specifications, pricing and development into a single digital interface.Businesses can select plot sizes ranging from 500 sq. yd. to 10 acres and customise requirements such as factory size, height, structure, crane provisions and power needs. The platform provides instant quotations, allowing users to view configurations and pricing while designing their facilities.Pricing for the built-to-suit fa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code