Deloitte Haskins, BSR say NCLT cannot ban them for their IFIN auditing

The matter was part heard by the NCLT on Friday and has been posted for further hearing on Monday

Auditors of IL&FS Financial Services (IFIN) — Deloitte Haskins and BSR & Associates — on Friday argued in the National Company Law Tribunal (NCLT) that Section 140 (5) of the Companies Act under which the Ministry of Corporate Affairs (MCA) was seeking to ban them for five years applies only to auditors who are still auditing the company and not those who have resigned.

They said Section 140(5) is only a means of getting rid of the auditor who has not resigned.

But in this case, Deloitte and BSR Associates have already resigned. BSR & Associates had resigned last month.