Bombay HC dismisses NCLT plea to ban Deloitte and BSR for 5 years

N Sampath Ganesh Vs Union Of India (Bombay High Court) Conclusion: Bombay High Court had upheld the constitutional validity of Section 140(5) of the Companies Act but held that it would not apply to auditors who had resigned and also squashed the prosecution or the criminal complaints filed by the Serious Fraud Investigation Office (SFIO) against the erstwhile auditors of Infrastructure Leasing and Financial Services Ltd (IL&FS) and its non-bank lending arm for alleged collusion in falsifying books terming it to be’ bad in law’. Held: A prayer made under S. 140(5) of the Compa...