NCLAT Dismisses Deloitte, KPMG Pleas In IL&FS Case
[ By Bobby Anthony ]The National Company Law Appellate Tribunal (NCLAT) has dismissed pleas of debt-ridden IL&FS auditors, Deloitte Haskins & Sells as well as KPMG arm BSR & Associates.The pleas by the two audit companies had challenged their impleadment in the case involving alleged fraud in IFIN, a subsidiary of IL&FS.However, the NCLAT granted relief to both auditors and other...
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The National Company Law Appellate Tribunal (NCLAT) has dismissed pleas of debt-ridden IL&FS auditors, Deloitte Haskins & Sells as well as KPMG arm BSR & Associates.
The pleas by the two audit companies had challenged their impleadment in the case involving alleged fraud in IFIN, a subsidiary of IL&FS.
However, the NCLAT 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 had stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT) to implead IFIN’s auditors as well as 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.
It may be recalled that the MCA had asked the NCLT to freeze the assets of IFIN’s former auditors in the case.
