April 28, 2019

Deloitte likely to be banned by Govt for alleged malpractice in IL&FS accounts: Report


The Ministry of Corporate Affairs is likely to invoke section 140 (5) of the Companies Act to debar Deloitte Haskins and Sells for alleged malpractice in IL&FS accounts. Deloitte's alleged misdemeanours and conduct in the IL&FS case has warranted such an extreme action.

In the event the company is directed to change its auditors, it would be the second such instance after Price Waterhouse was nailed in the Satyam scam.

In January, 2018, SEBI banned Price Waterhouse (PW) from providing audit services to listed companies and market intermediaries for two years in the Satyam fraud. Two of PW’s partners were banned for three years. A disgorgement of ₹130.9 million was also imposed on Price Waterhouse, and two of its chartered accountants - S Gopalakrishnan and Srinivas Talluri.

A Deloitte spokesperson told IANS, "The investigations on the company IFIN are in progress and we are cooperating fully. We reaffirm that we have conducted our audits in accordance with the Standards on Auditing and applicable laws and regulations."

On its part, Deloitte contends that the Group's defaults began in May 2018.

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