Tribunal Dismisses Deloitte, BSR Plea In IL&FS Case

The National Company Law Appellate Tribunal (NCLAT) on Wednesday dismissed the pleas of Deloitte Haskins & Sells and KPMG arm BSR & Associates challenging their impleadment in the case regarding fraud in IL&FS Financial Services (IFIN).

Both Deloitte and BSR are former auditors of the fraud-hit IL&FS Financial Services. The judgement comes after the appellate tribunal in January reserved its verdict on the matter.

The NCLAT judgement on Wednesday said: "The tribunal is empowered to pass order under Section 242 of the Companies Act, 2013 in a petition under Section 241(2) if it forms opinion that the affairs of the company have been conducted in a manner prejudicial to the public interest. Once such opinion is formed by the Tribunal, it may pass any order as it deem fit and proper."