Welcome to Filingpoint Best consultant for Auditor Resignation Expert +91 72999 72500
An Filingpoint auditor resignation triggers a series of regulatory compliances and vacancies that need to be addressed swiftly. Detailed in Section 140 of the Companies Act, it's imperative that the resigning auditor provide a written notice of at least 30 days to the company and file Form ADT-3 with the ROC. Failure to do so could lead to hefty fines and penalties.
Deloitte Haskins & Sells LLP (Deloitte) has tendered its resignation as the statutory auditor of Adani Ports and Special Economic Zone Ltd (APSEZ), reports say. APSEZ confirmed that it has appointed MSKA Associates, an affiliate of BDO International, as the new auditor till its next annual general meeting in 2024. Deloitte had earlier been reappointed by APSEZ's audit committee in July 2022 for a five-year term.
According to sources, the reason behind Deloitte's decision was its desire to audit other Adani group entities. However, the company told it that this wouldn't be possible because each of the Adani portfolio companies are 'completely independent' with separate boards and executive teams.
As more and more investors are becoming aware of corporate governance norms, it seems like audit firms are getting wary of associating with shady companies. "Audit firms are now parsing through their client portfolio and weeding out companies that might be a risk," says Pranav Haldea, MD at Prime Database. He adds that it's also a sign that the number of directors and company secretaries quitting in quick succession should send warning bells to investors.
Contact Filingpoint Auditor Resignation in Vadapalani +91 72999 72500
Comments
Post a Comment