The much-anticipated hearing in the CA Institute’s inquiry against
certain statutory auditors of beleaguered IL&FS Group stands
postponed.
The first hearing, which was scheduled to take place in
Kolkata on Friday, has been postponed, sources close to the
developments said. There is no information on when the next hearing will
take
place.
Meanwhile, the Disciplinary Committee will go ahead
with its meeting and look at other cases, it is learnt. The move to
postpone the hearing on IL&FS auditors’ disciplinary matter comes at
the behest of a few signing partners requesting for adjournment,
sources said.
It may be recalled that the CA Institute had already
declared the signing partners of three top-notch Indian audit firms
responsible for the statutory audit of these companies as
prima facie guilty.
Formal communication to the partners of the three firms – Deloitte,
Haskins and Sells, BSR and Associates LLP, and SR Batliboi – had been
sent and some had also formally replied.
Currently, disciplinary
proceedings can be initiated only against the signing partners or those
responsible for the statutory audit work. ICAI has been demanding powers
to proceed against errant audit firms.
Meanwhile, the
newly-reconstituted board of IL&FS has approved the appointment of
Bijay Kumar, a retired IAS officer, as Deputy Managing Director of
IL&FS.