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

Shivakumar desperately wants to become CM, says K’taka BJP chief Vijayendra

M’luru: Hotelier approaches consumer court after car filled with diesel instead of petrol

CET 2024: At least 45 questions out of syllabus, claim students

‘Out of control’ lorry hits several vehicles, shops after ‘brake failure’ at Yedapadavu

RCB helps restore three Bengaluru lakes; chips in to solve water crisis

Elderly tourist from Bengaluru goes missing in Goa

Bengaluru’s Shift to Smarter Spending: Pre-Owned Car Sales Jump 87 percent

Related Articles More

Stock markets stage strong rebound after 4 days of slump, Sensex rallies 599 pts

PHF Leasing Limited raises $10 Mn through a mix of equity and debt

CCPA asks FSSAI to probe claim of Nestle adding sugar to baby products

Markets tank in early trade as Middle East tensions flare-up

Tesla shares tumble below $150 per share, giving up all gains made over the past year

MUST WATCH

Grafting Jack Anil

Heat Illness

Dwarakish death at 81

H. D. Deve Gowda

Aura Cake shop in udupi


Latest Additions

Injuries don’t define you: Mohammed Shami shares rehab update

Shivakumar desperately wants to become CM, says K’taka BJP chief Vijayendra

Scribe throws lapel microphone towards Sharad Pawar in Baramati; cops give clean chit

India delivers first batch of BrahMos missiles to Philippines

Air India cancels Dubai flights due to operational disruptions

Thanks for visiting Udayavani

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