Adani Ports after Deloitte’s exit, Audit firm BDO emerges as common choice for Deloitte’s Byjus

The Adani Group, a conglomerate with interests in various sectors, has faced a series of controversies in recent times. Allegations ranging from environmental concerns related to projects, questions about corporate governance, and reports about the rapid accumulation of debt have cast shadows on the group’s operations.

Regulatory bodies and stakeholders have been closely monitoring these issues, leading to increased scrutiny of the group’s practices. These challenges emphasise the significance of maintaining ethical practices, ensuring transparency, and addressing environmental and governance concerns to safeguard the reputation and sustainability of the Adani Group’s businesses.

Both companies have denied wrongdoing. According to Adani Ports audit committee chairman Gopal Krishna Pillai, the reasons provided by Deloitte for quitting as a statutory auditor were not convincing or adequate to warrant resignation.

In the case Byjus, auditors Deloitte Haskins & Sells, resigned, citing its inability to finalise audit reports for the financial years ended March 2021 and March 2022 amid escalating concerns on the financial front. The auditors raised concerns over the significant delay in releasing the financial statements for the fiscal year concluding on March 31, 2022.

As per the stipulations outlined in the Companies Act of 2013, the audited financial reports for the said period were originally slated to be presented to shareholders during the annual general meeting by September 30, 2022.