https://www.taxtmi.com/caselaws?id=311119 The Securities Appellate Tribunal Mumbai quashed SEBI's order prohibiting a statutory auditor from issuing audit certificates and providing auditing services to listed companies for one year. The tribunal found that while the auditor lacked due diligence in certifying IPO proceeds utilization, there was no evidence of fraud, collusion, or manipulation of accounts. The auditor was not involved in preparing false accounts or conniving with company management. The tribunal held that mere lack of due diligence constitutes professional negligence under ICAI jurisdiction, not securities fraud under SEBI's purview. SEBI cannot proceed against auditors unless they are instrumental in preparing false accounts. en-us Fri, 18 Feb 2022 00:00:00 +0530 Sat, 09 Dec 2023 08:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311119 The Securities Appellate Tribunal Mumbai quashed SEBI's order prohibiting a statutory auditor from issuing audit certificates and providing auditing services to listed companies for one year. The tribunal found that while the auditor lacked due diligence in certifying IPO proceeds utilization, there was no evidence of fraud, collusion, or manipulation of accounts. The auditor was not involved in preparing false accounts or conniving with company management. The tribunal held that mere lack of due diligence constitutes professional negligence under ICAI jurisdiction, not securities fraud under SEBI's purview. SEBI cannot proceed against auditors unless they are instrumental in preparing false accounts. Case-Laws SEBI Fri, 18 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311119