Page 9 - Deloitte

IL&FS case: NCLAT rejects Deloitte, KPMG auditors plea against impleadment

The NCLAT on Wednesday dismissed the pleas of auditors of debt-ridden IL&FS -- Deloitte Haskins & Sells and KPMG arm BSR & Associates -- along with independent directors challenging their impleadment in the case of alleged fraud at a group firm IFIN. A two-member bench of the NCLAT upheld the directions of the Mumbai bench of the National Company Law Tribunal, saying it can not be termed as "illegal". The NCLT had directed them to implead the auditors and independent directors as party. The NCLT is empowered to pass order to implead them under Section 242 of the Companies Act, 2013 in a petition under Section 241(2) if "it forms opinion that the affairs of the company have been conducted in a manner prejudicial to the public interest", the appellate tribunal further said. "Once such opinion is formed by the Tribunal, it may pass any order as it deem fit and proper,"said the National Company Law Appellate Tribunal (NCLAT) bench headed by Chairperson Justice S J ...

NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS case

The National Company Law Appellate Tribunal (NCLAT) on Wednesday dismissed the pleas of debt-ridden IL&FS auditors -- Deloitte Haskins & Sells and KPMG arm BSR & Associates -- challenging their impleadment in the case involving alleged fraud in IFIN, a subsidiary of IL&FS. A two-member NCLAT bench led by Chairman Justice S J Mukhopadhaya dismissed the pleas of auditors and other independent directors. The appellate tribunal, however, granted a relief to both auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019 for two weeks. On July 29, the NCLAT stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT) to implead the auditors and the independent directors of IL&FS. Earlier on July 23, the NCLT had allowed the plea of the Ministry of Corporate Affairs (MCA) to implead the auditors and independent directors of IFIN. "On the request of the counsel, we allow (that) interim order .

Deloitte India makes presentation to telecom department on AGR dues

Tata Sons Chairman N Chandrasekaran meets Ravi Shankar Prasad to discuss the issue

NFRA to serve notice on Deloitte in IL&FS Financial Services case

NFRA would seek Deloitte's response on its findings soon

After PW India, Deloitte refuses to offer non-audit services to clients

Deloitte India would not provide non-audit services to all listed companies and other entities where public money is involved such as banks and insurance companies, if they are its audit clients.

Deloitte positive about Indian mkt, to create 75,000 jobs in 3 yrs: CEO

The company currently has over 50,000 people in India

Zee Entertainment Q3 profit before tax slips 37% as ad revenues dip

The advertising revenue for the quarter came in at Rs 1,230.8 crore, down 15.8% YoY

My favourite campaign is Deloitte's 'Green Dot', says Chimp&z Inc CEO

This was Deloitte's first global advertising campaign representing their unique point of view and their voice to the clients, says Angad Singh Manchanda

IL&FS case: NCLAT reserves order over NCLT jurisdiction to implead auditors

Hearing a plea by Deloitte Haskins and Sells and KPMG arm BSR & Associates, the NCLAT on Friday reserved its order on the NCLT's jurisdiction over impleadment of auditors in the case involving alleged fraud in IFIN, a subsidiary of IL&FS. The two-member bench led by Chairman Justice S J Mukhopadhaya also sought a written submission from the Ministry of Corporate Affairs by Tuesday, to determine whether the NCLT has jurisdiction to initiate civil proceedings against any party. The Ministry of Corporate Affairs (MCA) had asked the National Company Law Tribunal (NCLT) to freeze the assets of the former auditors in the case involving alleged fraud in IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS). Arguing for the government, a counsel said that impleadment is being sought to explain the conduct by auditors. He said all those persons who have been impleaded are directly attached with the affairs or the management of affairs of the company and ...

NFRA finds huge gaps in Deloitte's audit of IFIN, says will examine further

The audit and accounting regulatory body has advised Deloitte to take action to revamp its processes and ensure compliance

Deloitte, Sells failed to comply with auditing standards during IFIN audit

Flagging multiple lapses, the National Financial Reporting Authority (NFRA) has said that Deloitte Haskins and Sells LLP failed to comply with auditing standards in carrying out statutory audit of IL&FS Financial Services and did not question the management over inflating profit by over Rs 180 crore. Issuing its first Audit Quality Review (AQR) report, the watchdog has concluded that quality control system and processes of Deloitte Haskins and Sells LLP (DHS) are "severely inadequate and ineffective", according to an official release. Further, the NFRA would examine whether disciplinary actions need to be initiated in the matter. The AQR report is for the statutory audit conducted by DHS for IL&FS Financial Services Ltd (IFIN) for the 2017-18 period. "The NFRA has concluded in this AQR report that the failure to comply with the standards onauditing are of such significance that DHS did not have adequate justification for issuing theaudit report asserting that the audit was ...

Domestic audit firms eye global tie-ups to take on multinational rivals

The aim is to become globally more competitive by deploying stronger processes already being followed by the global audit firms in delivering audit mandates

RBSA Advisors, Deloitte transaction advisors in NEEPCO, THDCIL stake sale

The government plans to complete the two sale deals before March 2020 in order to meet its Rs 1,05,000-crore disinvestment target

Top 10 business headlines: Tax mop-up contracts, BPCL stake sale and more

From cars to cost more in new year, Sebi giving time to six brokers to wind up clients to NTPC planning to expand in its renewables capacity, Business Standard bring you the top headlines of the day

BPCL stake sale: Deloitte quotes Re 1 as its disinvestment advisory fee

The government has set a 50-day timeline for asset valuation to happen in BPCL, as it wants to complete the process before March 31, 2020

Statspeak: Companies need to understand the evolving consumer better

Identifying your niche and moving away from mass targeting will be the keys, says the Deloitte India report

Bangladesh has investment opportunities in energy, infra for India: Report

Bangladesh Prime Minister Sheikh Hasina was recently in New Delhi on an official visit. She was accompanied by a big business delegation.

NCLT rejects IL&FS Financial Services auditors' plea challenging 5-year ban

It will hear the arguments of the Ministry of Corporate Affairs (MCA) on banning the former auditors of IFIN on September 5

NCLT allows ban on Deloitte, BSR for alleged auditing lapses in IL&FS firm

The auditors had challenged the jurisdiction of the NCLT to ban them under Sec 140(5) of Company's Act.

Govt asks NCLT to freeze assets of IL&FS arm's audit partners Deloitte, BSR

Audit firm partners named in SFIO complaint to be allowed withdrawal of Rs 1 lakh a month