I fresh application with the National Company Law Tribunal (NCLT) to bar Deloitte Haskins & Sells and BSR Associates, who are the auditors to IL&FS Financial Services, from auditing for five years and to appoint a new auditor for the firm.
IL&FS Financial Services is one of the 348 subsidiaries of the IL&FS group, which owes more than Rs 95,000 crore to lenders. The group got into trouble after many of its subsidiaries began to default since last September. On October 1 2018, the government had suspended its board and taken over the company.
The ministry moved its applications through its senior counsel Sanjay Shorey. The ministry has also made Udayen Sen of Deloitte, and Kalpesh Mehta and Sampath Ganesh of BSR respondents as they were the signatories of the audit reports of the company.
