Auditor Cannot Be Debarred For 5 Years Under Section 140 (5) Of The Companies Act 2013 In Absence Of Evidence : NCLAT

The NCLAT has set aside an order passed by NCLT in a matter relating to debarring of an auditor for a period of 5 years. The court while allowing the appeal held that though he was negligent, there was no material on record to infer that the auditor had acted fraudulently or misused his position as a statutory auditor,The Appellant was appointed as the statutory auditor in 2014 of Zen Shaving...