Deposit of Penalty would have no effect on debarment Order passed under Section 132(4)(c) of the Companies Act: NCLAT

Harish Kumar T. K. Vs National Financial Reporting Authority (NCLAT Delhi) Conclusion: In present facts of the case, it was observed that deposit of 10% of the penalty shall have no effect on the order of ‘debarment’ passed against the Appellant(s) under Section 132(4)(c). Order of ‘debarment’ shall continue to operate unless an order is passed by the Appellate Tribunal. Facts: In present facts of the case, appeal(s) have been filed by several Chartered Accountants, challenging the order passed by National Financial Reporting Authority (hereinafter referred to as the “NFRA”) imposi...