MUMBAI: Deloitte global CEO Punit Renjen met top Indian officials on Friday to persuade them against a possible ban over perceived omissions in the firm’s role as auditor of Infrastructure Leasing & Financial Services (IL&FS), said people with knowledge of the matter.
Renjen, who had come to India from the US for personal reasons, visited New Delhi to meet the officials, they said.
The government has asked the National Company Law Tribunal (NCLT) for a ban on Deloitte Haskins & Sells and BSR & Co, part of the KPMG network, for their alleged role in concealing bad loans at IL&FS, which unexpectedly defaulted on payments in September last year. That event triggered a liquidity crisis at nonbanking finance companies and threatened to undermine India’s financial markets.
“Renjen visited officials in North Block and briefed them about the impact a probable ban on the audit practice can have on the India market,” said one of the persons.
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