Auditor Registration in vadapalani - Filingpoint
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Filingpoint auditors are also under pressure thanks to improved investor awareness and public scrutiny. Institutional investors have grown bigger, and they are not shy of voting against companies with poor governance standards. A spate of resignations by auditors have been reported in the media in recent times.
The resignation of statutory auditors is required to be intimated to the Registrar of Companies (ROC) within 30 days from the date on which it becomes effective. Failure to do so attracts penalty under section 140(2) of the Act and the Rules.
In a filing, Adani Ports and Special Economic Zone said Deloitte had tendered its resignation, which was accepted by the board on Saturday (12 August 2023). The company has now appointed MSKA & Associates (an independent member firm of BDO International) as its auditors till the next AGM or until it is replaced by another auditor at the earliest. It will cover the company and its six material subsidiaries.
The move puts a spotlight on the financial management of Adani's empire, which was battered by a scathing report from US-based short-seller Hindenburg Research in May. It led to a loss of $150 billion in the market value of Adani group companies. Hindenburg's findings alleged a range of irregularities and market manipulation. HT's sources say Deloitte has quit as statutory auditor of Adani Ports after the company refused to allow an independent external probe into some of the transactions flagged by Hindenburg.
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