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The National Company Appellate Law Tribunal (NCLAT) at Delhi on Friday ruled that the National Financial Reporting Authority (NFRA) has retrospective powers to investigate allegations of misconduct by financial auditors.
The review plea challenged the March 26, 2021 judgment which had ruled in favour of Tata and set aside the NCLAT's order. The NCLAT order had reinstated Cyrus Mistry as the Chairperson of Tata Sons Limited.
The Supreme Court in its recent judgment in ES Krishnamurthy vs. M/s. Bharath Hi-Tech Builders Private Limited has held that the NCLT cannot compel any party to settle a dispute.