Delhi HC Denies Interim Relief on NFRA Penalties in Reliance Capital Audit

Vishal Dhiren Shah Vs Union of India (Delhi High Court) The Delhi High Court recently adjudicated on a case involving the National Financial Reporting Authority’s (NFRA) penalties against CA Parimal Kumar Jha, CA Vishal D Shah, and the audit firm M/s Pathak HD & Associates (PHD) regarding the audit of Reliance Capital Limited (RCL) for the FY 2018-19. The NFRA debarred CA Parimal Kumar Jha and CA Vishal D Shah for 10 years and 5 years, respectively, and imposed hefty penalties on them and PHD. The case stemmed from alleged lapses in the audit of RCL, particularly concerning loans dis...