NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS case

PTI, Mar 4, 2020, 4:05 PM IST

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday dismissed the pleas of debt-ridden IL&FS auditors – Deloitte Haskins & Sells and KPMG arm BSR & Associates – challenging their impleadment in the case involving alleged fraud in IFIN, a subsidiary of IL&FS.

A two-member NCLAT bench led by Chairman Justice S J Mukhopadhaya dismissed the pleas of auditors and other independent directors.

The appellate tribunal, however, granted relief to both auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019, for two weeks.

On July 29, the NCLAT stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT) to implead the auditors and the independent directors of IL&FS.

Earlier on July 23, the NCLT had allowed the plea of the Ministry of Corporate Affairs (MCA) to implead the auditors and independent directors of IFIN.

“On the request of the counsel, we allow (that) interim order dated July 29 would continue till another two weeks,” the bench said.

The MCA had asked the NCLT to freeze the assets of the former auditors in the case involving alleged fraud in IFIN.

While commenting on the development, Delloite India spokesperson said: We will review the written order before determining our further course of action, which may include an appeal.”

Auditors cannot be treated as part of the management which is responsible for managing the affairs of the company and therefore should not be charged, the spokesperson said.

“We will continue to present and protect its position, supported by the facts, to the relevant authorities. The firm remains committed to high standards of audit quality and ethical conduct in its professional practice,” he added.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Meat stalls banned within 10 Km of Bengaluru Aero India show venue

Kundapur: Student crushed to death under bus wheels

Usain Bolt fires business manager over Jamaica fraud case

Sullia: 25-year-old pregnant woman commits suicide

7 arrested in Bengaluru for smuggling endangered animals

Drug cases against medicos sees ‘Brand Mangaluru’ getting hit

Karnataka polls: Hassan seat a bone of contention as Deve Gowda’s daughter-in-law appears keen to be in fray

Related Articles More

Stock market investors lose more than Rs 10.73 lakh crore in two trading sessions

Dr Reddy’s Lab launches generic eye treatment medication in US

Adani Group stocks continue to fall; Adani Total Gas tanks nearly 20%

Hindenburg Research stands by its report on Adani, will seek disclosures in US court proceedings

CBI books GTL for cheating, bank fraud in Rs 4,760 crore credit facilities


Villagers election boycott warning for road

Sand art | Malpe Beach Uthsava 2023 | Udupi – Udayavani

Various competitions, activities in Beach Utsava!

Melody King Rajesh Krishnan

Shakalaka Boom Boom Movie Review| |Premier Show Manipal

Latest Additions

CM Bommai inaugurates Parashuram theme park in Karkala

Aircraft crashes in Rajasthan’s Bharatpur

Meat stalls banned within 10 Km of Bengaluru Aero India show venue

Kundapur: Student crushed to death under bus wheels

Children’s ‘rushed’ immune response makes them susceptible to Covid reinfection: Study

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.