The auditor of Adani Ports & Special Economic Zone has raised concerns about incomplete disclosures in certain transactions, leading to a “qualified” opinion on the company’s accounts.

What happened? Deloitte Haskins & Sells LLP flagged the ports and logistics company’s dealings with three unrelated firms, Bloomberg reported. However, they couldn’t verify if these parties were truly unrelated as the company refused to seek an independent external assessment.

The development puts the spotlight back on the allegations of serious financial wrongdoing made by short-seller Hindenburg Research against Gautam Adani‘s business empire.

See Also: Why Are Adani Ports Shares In The Red After Q4 Results?

Deloitte stated that because the evaluation conducted by the company isn’t sufficient for the audit, they cannot confirm whether the company fully complies with local regulations.

This is the first time a top auditor has issued a qualified opinion on a portion of the empire’s accounts.

Deloitte’s report highlighted three transactions of concern. Firstly, Adani Group engaged in an engineering contract with a subsidiary of a company mentioned in the Hindenburg report, with outstanding dues of ₹3,750 crore as of March 31. Adani Group claims that this contractor is not related.

Secondly, financial transactions, including equity trades, were made with individuals named in the short seller report. Adani Group says these are unrelated parties, and all payments have been settled without any outstanding debts.

Lastly, Adani Ports sold its Myanmar port to Solar Energy, based in Anguilla, at a reduced sale price of ₹2,470 crore, accompanied by an impairment charge, instead of the initial ₹2,015 crore. Adani Group informed the auditor that these entities are not related parties.

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