Union of India vs Deloitte Haskins and Sells LLP

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2023 Supreme(SC) 463

M. R. SHAH, M. M. SUNDRESH
Union of India – Appellant
Versus
Deloitte Haskins and Sells LLP – Respondent

Advocates appeared:
For the Parties : Ms. Misha Rohatgi, AOR Ms. Suveni B., Adv. Ms. Ayushi Sharma, Adv. Mr. Nakul Mohata, Adv. Mr. Bharat Monga, Adv. Mr. Devansh Shrivastava, Adv. ms. Riya Dhingra, Adv. Mr. Mohd. Ovais, Adv. Mr. Mahesh Agarwal, Adv. Mr. Rishi Agrawala, Adv. Mr. Rahul Dwarkadas, Adv. Ms. Prachi Dhanani, Adv. Ms. Rishika Harish, Adv. Ms. Niyati Kohli, Adv. Ms. Juhi Bahirwani, Adv. Mr. Pratham Vir Agarwal, Adv. Ms. Rohini Jaiswal, Adv. Ms. Manavi Agarwal, Adv. Mr. E. C. Agrawala, AOR Mr. Tushar Mehta, SG Mr. Balbir Singh, A.S.G. Mr. Aditya Sikka, Adv. Mr. Naman Tandon, Adv. Mr. Samarvir Singh, adv. Mr. Kanu Agarwal, Adv. Mr. Vikash Jha, Adv. Vasudha Vijayshree, Adv. Ritu Anand, Adv. Pratyush Srivastava, Adv. Ms. Sansriti Pathak, Adv. Ms. Bani Dikshit, Adv. Mr. Arvind Kumar Sharma, AOR Mr. Chandra Prakash, AOR Ms. Anannya Ghosh, AOR Mr. Mahesh Agarwal, Adv. Mr. Rishi Agrawala,, Adv. Mr. Rahul Dwarkadas, Adv. Ms. Prachi Dhanani, Adv. Ms. Rishika Harish, Adv. Ms. Niyati Kohli, Adv. Ms. Juhi Bahirwani, Adv. Mr. Pratham Vir Agarwal, Adv. Ms. Rohini Jaiswal, Adv. Ms. Manavi Agarwal, Adv. Mr. E. C. Agrawala, AOR Mr. Aaditya Aniruddha Pande, AOR Mr. Sachin Patil, AOR Ms. Misha Rohatgi, AOR

Table of Content
1. overview of civil and criminal appeals (Para 1)
2. background of financial issues in il&fs (Para 2)
3. arguments by union of india regarding misinterpretation (Para 3)
4. counterarguments from bsr (Para 4)
5. court's observations on section 140(5) (Para 5)
6. enforcement of section 140(5) procedures (Para 6)
7. legal framework and audit accountability (Para 8 , 9 , 10)
8. final decisions and orders (Para 16 , 17)

JUDGMENT :

M.R. Shah, J.

Appeals under consideration:

1. This batch of Criminal Appeals/Civil Appeals raise common question(s) of law pertaining to the interpretation of Section 140(5) of the COMPANIES ACT , 2013 (hereinafter referred to as the ‘Act, 2013’) and the Investigation Report dated 28.05.2019 (hereinafter referred to as the ‘IFIN SFIO Report’) in respect of IL&FS Financial Services Limited (hereinafter referred to as the ‘IFIN’).

1.1 Criminal Appeal Nos. 2305-2307/2022, Criminal Appeal Nos. 2302-2303/2022 and Criminal Appeal No. 2300/2022 have been filed by the Union of India, inter alia, challenging the common judgment and order dated 21.04.2020 passed by the High Court of Bombay in Writ Petition Nos. 4144 & 4145 of 2019 and other companion writ petitions

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2023 Supreme(SC) 463

M. R. SHAH, M. M. SUNDRESHUnion of India – AppellantVersusDeloitte Haskins and Sells LLP – Respondent

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M. R. SHAH, M. M. SUNDRESH
Union of India – Appellant
Versus
Deloitte Haskins and Sells LLP – Respondent