HC grants interim relief to BSR & Associates, stays proceedings in NCLT

The Bombay High Court (HC) on Wednesday granted interim relief to BSR & Associates by staying the proceedings in the National Company Law Tribunal (NCLT) against BSR in the matter pertaining to banning of auditors of IFIN. The stay has been granted till the time further orders are passed by the court in the matter.

BSR & Associates and Deloitte Haskins & Sells were the erstwhile auditors of IFIN and have been accused of colluding with management of IFIN in presenting a rosy picture of the company despite knowing the state of affairs. BSR had moved the Bombay HC last month challenging the NCLT order wherein the tribunal had rejected the auditor’s plea challenging NCLT's jurisdiction to ban the auditors.