Auditor Resignation in vadapalani - Filingpoint


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The resignation of Deloitte Haskins & Sells as auditors of Adani ports puts fresh focus on the management of billionaire Gautam Adani's conglomerate. The move comes after the company's auditors raised concerns over certain transactions flagged by US-based short seller Hindenburg Research.

A number of companies have seen their auditors resign recently. This could be due to the fallout of the IL&FS fiasco that has made investors more vigilant. But it could also be that regulators like Sebi and MCA are increasingly questioning the role of auditors if they don't highlight problems on time, which is making them wary of associating with companies that have poor governance standards.

Whenever an auditor resigns from his/her position in a company, the board of the company has to file a statement in Form ADT-3 with the Registrar of Companies within 30 days of accepting the resignation. This statement has to be digitally signed by the resigning auditor and attached with the scanned copy of his/her resignation letter. The company should then appoint a new auditor in accordance with the provisions of the Act and Rules.

Investors should keep a close eye on such developments and assess the impact and surprise element in the short term. It is important for them to remember that they do their valuation of a company on the basis of published data and if that cannot be trusted, then the stock may not be worth investing in.

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