Auditors of IL&FS , Deloitte Haskins and BSR and Associates, came under net where MCA (Ministry of Corporate Affairs) was proposing to ban them for alleged lapse on their part of auditing. Auditors stated that since they are not currently appointed as or working as auditors, NCLT (National Company Law Tribunal)does not have jurisdiction.
However, NCLT has reversed its original order (banning the auditors for 5 years) and has asked the auditors to refer the matter to NCLAT (National Company Law Appellate Tribunal). NCLT has asked to provide 4 weeks time to auditors to file appeal to NCLAT. Counsel from Ministry of Corporate Affairs (MCA), however contends that jurisdiction does not depend upon size of the scam. It would be interesting to observe the progress in the most groundbreaking scam in India.