NCLAT dismisses Deloitte, BSR & Associates appeal against impleadment in alleged fraud case concerning IL&FS subsidiary
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NCLAT dismisses Deloitte, BSR & Associates appeal against impleadment in alleged fraud case concerning IL&FS subsidiary

Interim order staying the operation of the NCLT order shall continue to be in operation for another two weeks, NCLAT stated.

Aditi Singh

The National Company Law Appellate Tribunal today dismissed appeals by IL&FS auditors, Deloitte Haskins and KPMG arm- BSR & Associates, against an order impleading them as parties in the ongoing fraud case concerning IL&FS subsidiary, ILFN. (Deloitte Haskins vs UOI)

Stating that the case involved the alleged commission of acts which were prejudicial to public interest and various sectors of economy, the NCLAT opined,

"In the circumstances, before passing any appropriate order in public interest and to save the economy of the Country from collapse, if the Tribunal is of the opinion that it requires to give appropriate hearing to the concerned parties, including those who audited ‘IL&FS’ and/ or those who have managed or were concerned with ‘IL&FS’ or its Group Companies, it cannot be held to be illegal."
NCLAT

The Judgment was pronounced by a two-member Bench comprising Chairperson, Justice SJ Mukhopadhyay and Member (Judicial) Justice Bansi Lal.

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