Not appropriate to conduct independent examination of accounts now: Adani Ports

Adani Ports, the Indian port operator, has declined to seek an independent examination of its financial accounts on the grounds of ongoing investigations by the market regulator and the Supreme Court into the company’s practices. The decision comes after Deloitte Haskins & Sells LLP flagged certain potentially related party transactions over insufficient disclosures and said that it was not independently able to verify them. US-based Hindenburg Research accused the diversified conglomerate of fraud and stock manipulation in January, but the Adani Group has so far denied all allegations.