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September 6, 2019

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.

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