MUMBAI: Deloitte Haskins & Sells and BSR & Associates, a KPMG network firm, on Friday said the National Company Law Tribunal (NCLT) didn’t have a jurisdiction to decide on the government’s demand for a five-year ban against the auditors of IL&FS Financial Services (IFIN). The tribunal will rule as to whether it has jurisdiction to ban the audit firms for five years.Deloitte and KPMG lawyers claimed the SFIO investigations were ludicrous. To which, the tribunal quickly said that even after the removal of the cancerous part, infection remains.Senior advocate Darius Khambata represented BSR & Associates. The impression given by the ministry of corporate affairs is that auditors are trying to “escape” by resigning from the company. The lawyers representing the auditors said that NCLT doesn’t have a jurisdiction to ban them but that doesn’t mean they will go “scot free” if chargers are proved.

Source: Economic Times July 19, 2019 14:37 UTC