NCLT reserves order on MCA seeking 5-yr ban on IFIN auditors

The National Company Law Tribunal (NCLT) Monday reserved its order in the ministry of corporate affairs (MCA) plea seeking five-year ban for IL&FS Financial Services auditors – Deloitte and BSR Associates.

After hearing arguments of the auditors and the MCA, the tribunal comprising of VP Singh and Ravikumar Duraisamy reserved the order.

Deloitte Haskins & Sells and BSR Associates, which is an affiliate of KPMG, are no longer the auditors of crippled IL&FS group, with the former resigning in FY18 and the latter as recent as last month.

But the corporate affairs ministry has sought a five- year ban on them for their failure to do the statutory job properly while they were auditing these group companies.