Deloitte Haskins and Sells, BSR & Co, part of KPMG India, and SRBC & Co, part of EY India, were asked to submit documents. ET first reported on April 27 that NFRA had issued notices and taken over the quality review of IL&FS audits from ICAI. Many fear NFRA can technically slap penalties and even ban audit firms independently from what NCLT decides on the issue. Some major Indian firms including Shah Modi Katudia and Luthra & Luthra were auditors to the subsidiaries. In some of the foreign subsidiaries of the group, Grant Thornton and network firms of PwC were also auditors, according to the data available on IL&FS auditors.

Source: Economic Times June 15, 2019 01:19 UTC