Companies

IFIN case: Delhi HC adjourns hearing on Deloitte partners’ matter to Nov 11

KR Srivats New Delhi | Updated on September 28, 2020 Published on September 28, 2020

NCLAT to hear partners’ appeal on November 20

The Delhi High Court has adjourned hearing on the matter of National Financial Reporting Authority (NFRA) orders on Deloitte partners in the IFIN case to November 11.

“When the matter came up for hearing on Friday (September 25), it was adjourned to November 11. No discussions happened,” sources said.

This would now mean that the implementation of NFRA orders will continue to be on hold till November 11, when the Delhi High Court hears the writ petitions filed by former Deloitte India CEO Udayan Sen and other two Deloitte Haskins & Sells (DHS) partners.

Meanwhile, the three DHS partners, including Sen, who has now retired from Deloitte, have filed their appeals against the National Financial Reporting Authority (NFRA) orders in the National Company Law Appellate Tribunal (NCLAT). The NCLAT hearing on the matter is slated for November 20.

It may be recalled that the Delhi High Court Judge hearing the matter had, on August 18, allowed the three DHS partners to go ahead with the process of filing appeals against their respective NFRA orders at the appropriate forum.

The NFRA Rules put into effect in 2018 specify that a disciplinary order issued for disposing a show-cause notice will not be effective until 30 days had elapsed after the date of issue of order or unless otherwise specified in the order with reasons for the same. The three orders issued so far in this IFIN case are dated July 22 (Udayan Sen), July 23 (Rukshad Daruvala) and July 28 (Shrenik Baid). All the three orders had said that the order would not be given effect to till July 31.

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Published on September 28, 2020
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