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IL&FS: Auditors defend themselves, question justification for ban

The counsel for the auditors argued that they are neither related to the management of any IL&FS company nor are involved with the day-to-day management of the crippled group that owes close to Rs 1 lakh to the system.

June 21, 2019 / 22:01 IST
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Auditors Deloitte Haskins & Sells and the KPMG affiliate BSR Associates, who are under fire for their alleged laps in the IL&FS scam, June 21 questioned the justification for the corporate affairs ministry's demand to seek a five-year ban on them.

The counsel for the auditors argued that they are neither related to the management of any IL&FS company nor are involved with the day-to-day management of the crippled group that owes close to Rs 1 lakh crore to the system.

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The NCLT posted the matter for hearing on July 15.

The corporate affairs ministry had on June 10 moved the NCLT seeking a five year ban on Deloitte and BSR, who were the auditors of IL&FS Financial Services, and also to appoint a new auditor for the crippled firm.