New Delhi, Feb. 9 -- National Financial Reporting Authority (NFRA) is weighing its options after the Delhi High Court last week quashed notices issued to auditors of some of the IL&FS group entities including Deloitte Haskins & Sells LLP, and SRBC & Co. LLP on "technical grounds," according to two persons aware of the development.

The high court order endorsed NFRA's powers to review audits done before the regulator's creation in 2018 as well as its practices like relying on the audit files to prove professional misconduct and not granting any cross-examination of witnesses. It, however, quashed the notices demanding explanations issued to 11 persons and entities citing lack of division in the regulator's functions carrying out quality r...