New Delhi, Jul 22 (PTI) The National Financial Reporting Authority (NFRA) on Wednesday imposed a seven-year ban on Udayan Sen as well as penalty of Rs 25 lakh in connection with alleged irregularities in audit of IL&FS Financial Services Ltd (IFIN).

Sen was an engagement partner of Deloitte Haskins and Sells LLP, which conducted the statutory audit of IFIN for 2017-18.

Also Read | Asus ROG Phone 3 India Launch LIVE News Updates: Prices, Features, Variants & Specifications.

IFIN is part of the diversified IL&FS group where a financial crisis came to light in late 2018.

The watchdog noted that professional misconduct becomes very serious when the chartered accountant has gone along with the company's management in "agreeing to misstatements/ omissions so as to commit a fraud on the users of the financial statements".

Also Read | DocStack App, CamScanner's Indian Alternative, Available for Download on Apple App Store.

In an 88-page order, NFRA has slapped a monetary penalty of Rs 25 lakh on Sen.

Besides, he has been "debarred for a period of seven years from being appointed as an auditor or internal auditor or undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate".

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)