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The bench headed by the National Company Law Appellate Tribunal (NCLAT) Chairman S.J. Mukhopadhaya has sought a written submission by Tuesday from the Corporate Affairs Ministry, which had asked NCLT to freeze the auditors' assets in IL&FS Financial Services (IFIN). Both the former IFIN auditors, Deloitte and BSR and Associates, which have moved the NCLAT against impleadment by the Mumbai NCLT, would also give written submissions by Tuesday.On Thursday, the appelate tribunal had asked the Corporate Affairs Ministry to clarify whether civil proceedings, as sought by the ministry against the audit firms, can be carried out on the basis of a criminal report, in this case the interim SFIO report.The ministry has cited the interim report of the Serious Fraud Investigation Office (SFIO) alleging collusion by the auditors with the IFIN management in concealing information, among other charges. The ministry had sought freezing of the assets of the audit firms based on the allegations in the report.The official counsel said that all those impleaded by the Mumbai-bench of the NCLT were directly connected with the affairs and the management of affairs of the company, and whether there was fraud committed, or not, has to be tried on merit when the appeal is contested.He further said that the the ministry is not relying only on the SFIO interim report, but also on other reports, including the Reserve Bank of India's (RBI) inspection report.Counsels of both the audit firms on Thursday had told the appellate tribunal that their clients cannot be prosecuted as they are no longer the statutory auditors of IFIN and were neither in the management. They also submitted that the SFIO's report is interim and, therefore, not admissible.NCLT Mumbai had impleaded both the firms, saying that the tribunal has the jurisdiction to hear a plea on barring them. The Centre had filed a plea with the NCLT to ban the audit majors for five years and freeze their assets.( With inputs from IANS )

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Business :IFIN auditors: NCLAT reserves order on Deloite, BSR plea

Hearing a plea by crisis ridden IFIN auditors Deloitte Haskins and Sells LLP, and KPMG arm BSR and Associates, the NCLAT on Friday reserved the order on the appeal of the audit firms and the jurisdiction of National Company Law Tribunal (NCLT) over t ...