Deloitte global CEO Punit Renjen met with top Indian officials to prevent a possible ban on the firm amid growing allegations of audit violations by it in the IL&FS fraud case, reported The Economic Times, citing people familiar with the matter.
Renjen, who came to India from the US for personal reasons, met the officials in New Delhi, the sources mentioned in the paper said.
The development comes after the government asked the National Company Law Tribunal (NCLT) to ban Deloitte Haskins & Sells and BSR & Co for its alleged role in concealing bad loans at IL&FS, added the report.
“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,” one of the sources was quoted as saying in the report.
However, when approached by ET, the firm declined to comment.
According to the report, experts said that if the NCLT accepts the government’s proposal for a ban, it will not only affect two of the top four firms in the sector but other 342 listed companies as well.
Deloitte has about 55,000 employees in India and is looking to hire another 40,000 across various verticals, added the report.