Auditor Resignation in vadapalani - Filingpoint


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Deloitte had tendered its resignation to the company on Saturday (12 August 2023) and was accepted by the board, according to a statement. The company has now appointed MSKA & Associates as its new auditor for the APSEZ and its six material subsidiaries.

The resignation comes weeks after Deloitte raised concern over transactions flagged by short seller Hindenburg Research. It puts a fresh spotlight on the management of the Adani Group empire and comes days before marker regulator Securities and Exchange Board of India (SEBI) is due to submit the results of its probe into Hindenburg's wide-ranging allegations.

When several independent directors and company secretaries (CS) quit in quick succession, it often signals a governance issue, says Pranav Haldea, managing director of Prime Database. "Investors do valuation of the companies on the basis of published data and if this data cannot be trusted, it is better to exit the stock," he said. The market reacts to such news with the short term reaction depending on surprise element while long term impact will be negative, he added. According to the provisions of the Companies Act, if an auditor resigns before the expiry of his/her term without giving the required notice, then the company shall be liable to pay a penalty of Rs 50,000 or an amount equal to the remuneration of the auditor, whichever is lower. The penalties have been increased to Rs 2 lakh under the Companies (Amendment) Act, 2020.

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