INSUBCONTINENT EXCLUSIVE:
lawyers representing KPMG and Deloitte and the central government that went on for about six hours the NCLT has reserved its order for
The tribunal will rule as to whether it has jurisdiction to ban the audit firms for five years
Deloitte and KPMG lawyers claimed the SFIO investigations were ludicrous
painful.
According to Janak Dwarkadas, senior counsel appearing for Deloitte, section 140 of Companies Act is to remove the existing auditor
To which, the tribunal quickly said that even after the removal of the cancerous part, infection remains.
Senior advocate Darius Khambata
represented BSR - Associates
This is mainly because there are other forums including the NFRA (National Financial Reporting Authority), ICAI (Institute of Chartered
Accounts of India) and other courts where the allegations of fraud could be argued.
Sanjay Shorey, the director of legal prosecution at the
MCA who was arguing for the government, said that its poetic justice in the case
went on to quote Mirza Galib, famous Urdu poet and equated the trial to swimming a sea of fire
remaining arguments on Monday
The NCLT did not pass any order in this case as well.