Supreme Court seeks govt response on NFRA's 'division of functions'

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Supreme Court seeks govt response on NFRA's 'division of functions' - Business Standard

Quick Summary:

The HC order of February 7 quashed show-cause notices issued by the auditing standards watchdog to audit firms, including Deloitte Haskins & Sells LLP and SRBC & Co LLP, as well as prominent chartered accountants (CAs), for certain procedural violations in initiating disciplinary proceedings.

With the ruling of the HC challenged, a clarification may be expected.“Although the High Court did not make the ruling applicable retrospectively (explicitly) to past orders by NFRA, it is expected that such orders would be susceptible to challenge in light of the order,” said Shiv Sapra, partner at law firm Kochhar & Co.

Earlier, the Delhi HC had upheld the validity of Section 132 of the Companies Act and said that NFRA acted contrary to legislative intent, which required it to ensure separation of its unit that undertook assessment of circumstances needing an enquiry, from the one that drew up the audit quality review report.