Deloitte, KPMG seek stay on NCLT order to prosecute them for IFIN auditing

NCLT reserves order on ministry of corporate affairs' plea to ban auditing firms for five years.

Former IL&FS Financial Services (IFIN) auditors Deloitte Haskins & Sells and BSR & Associates moved the National Company Law Tribunal seeking a stay on its order allowing the Ministry of Corporate Affairs (MCA) to prosecute them, based on the findings of the Serious Fraud Investigation Office (SFIO).

The auditors also expressed their intention to move the National Company Law Appellate Tribunal (NCLAT) against the NCLT, Mumbai, order but they require a stay from the tribunal or else the government can initiate proceedings to freeze their assets.

The NCLT via its order in January 2019 had frozen assets of former Infrastructure