IL&FS auditors: NCLT adjourns hearing till Bombay HC verdict
The National Company Law Tribunal Thursday adjourned the proceedings against the former auditors of the crippled IL&FS–Deloitte and BSR Associates, till further direction from the Bombay High Court.
A division bench of the Bombay High Court had on Wednesday stayed the proceedings against BSR in the Mumbai bench of the NCLT until further orders.
The relief to BSR was granted on two counts, one that the accounting firm was seeking relief from Section 140 (5) of the Companies Act under which NCLT had passed the order, and secondly against criminal proceedings brought upon by various government agencies.
BSR, a domestic affiliate of global major KPMG, had challenged the constitutional validity of Section 140 (5) in the High Court and also the NCLT’s jurisdiction to take up the case against them.
