https://www.taxtmi.com/caselaws?id=392375 The Tribunal found that the National Company Law Tribunal (NCLT) had jurisdiction to exercise powers for offenses related to financial years 2014-15 and 2015-16, as the appellant issued the audit report for FY 2015-16 after the relevant provision came into force. The inspection report revealed fraudulent activities by the directors of Respondent No.2 company, including diversion of funds collected through an IPO. While the appellant's auditing was deemed negligent, there was no evidence of fraud or collusion. The Tribunal held that the appellant was not afforded a fair opportunity to defend himself, ultimately setting aside the impugned order. en-us Mon, 17 Feb 2020 00:00:00 +0530 Wed, 19 Feb 2020 13:15:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392375 The Tribunal found that the National Company Law Tribunal (NCLT) had jurisdiction to exercise powers for offenses related to financial years 2014-15 and 2015-16, as the appellant issued the audit report for FY 2015-16 after the relevant provision came into force. The inspection report revealed fraudulent activities by the directors of Respondent No.2 company, including diversion of funds collected through an IPO. While the appellant's auditing was deemed negligent, there was no evidence of fraud or collusion. The Tribunal held that the appellant was not afforded a fair opportunity to defend himself, ultimately setting aside the impugned order. Case-Laws Companies Law Mon, 17 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392375