• Register
Return to: Home > News > Financial Results > Bombay High Court puts stay on banning auditors

Bombay High Court puts stay on banning auditors

The Bombay High court has granted interim relief to Deloitte and BSR & Associates, putting a temporary halt on the Indian Ministry of Corporate Affairs’ attempt to put in place a five-year ban on the audit firms. A hearing has been set for 3 October.

The Court has deferred the hearing till October 3. Last month the National Company Law Tribunal (NCLT) had rejected a challenge by the two firms to its jurisdiction in the case. The challenge was then also rejected by the National Company Law Appellate Tribunal (NCLAT).

The two firms are facing sanctions over alleged violations of audit standards in the accounts of IL&FS subsidiary IL&FS Financial Service Limited (IFIN). Deloitte was sole auditor of IFIN between 2007-17. BSR became joint auditor in 2017-18.

Top Content

    South Africa: sensing new opportunities

    It has been an interesting couple of years for the profession in South Africa. A number of high-profile scandals have brought the profession and the role of auditors into sharp public focus, brewing a distrust towards accountants and a large expectations gap. Joe Pickard reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.