Quashing of showcause notices: NFRA moves apex court against HC ruling

Court order pertains to quashing NFRA's 11 show cause notices to multiple auditors and CAs

The National Financial Reporting Authority (NFRA) has filed a special leave petition in the Supreme Court against a recent Delhi High Court order quashing 11 of the audit regulator’s show cause notices on grounds of violating the “division of functions” norm, according to people in the know. 

 

It is learnt that NFRA has cited a previous order by the National Company Law Appellate Tribunal, which found the regulator in compliance with the law regarding the division of functions, and the subsequent Supreme Court orders upholding the tribunal’s ruling.

 

NFRA earlier submitted that its executive body headed by its chairperson and