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IL&FS case: Bombay HC to hear auditor’s plea on ban

The National Company Law Tribunal (NCLT) will start hearing arguments from September 5 based on merits for imposing the ban, which was initiated by the government.

By: ENS Economic Bureau | New Delhi | Published: September 4, 2019 2:39:13 am
On August 9, NCLT’s Mumbai bench rejected the plea made by Deloitte Haskins & Sells and BSR & Associates, challenging NCLT’s jurisdiction to ban them for their omissions and commissions in the IL&FS Group case.

The Bombay High Court will Wednesday hear former IL&FS auditor BSR & Associates’ plea, challenging the constitutional validity of section 140 (5) of the Companies Act, under which the Centre is seeking to ban the KPMG affiliate firm for five years for its role in alleged financial irregularities at the bankrupt IL&FS Group.

The National Company Law Tribunal (NCLT) will start hearing arguments from September 5 based on merits for imposing the ban, which was initiated by the government. On August 9, NCLT’s Mumbai bench rejected the plea made by Deloitte Haskins & Sells and BSR & Associates, challenging NCLT’s jurisdiction to ban them for their omissions and commissions in the IL&FS Group case. —FE

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