The parent company of Philip Green\u2019s Arcadia retail empire, Taveta Investments, has failed to impose an injunction on the publication of BHS\u2019 audit reports.\r\n\r\n\r\n\r\nIt was seeking an interim injunction before a judicial review of the report, but the High Court ruled in favour of the Financial Reporting Council (FRC) disclosing all the details of the audit.\r\n\r\nPhilip Green is not a party to the proceedings, but following the collapse of the retailer which resulted in 11,000 jobs losses and sparked a parliamentary inquiry, MPs have called for his knighthood to be rescinded. Labour MP and chair of the Work and Pensions Select Committee, Frank Field described Green as the "unacceptable face of capitalism" and was in favour of the FRC releasing the full details of the report.\r\n\r\nOn 8 June 2018, Taveta was sent an advance copy of the Settlement Agreement and Particulars. It was given until 12 June to raise any accuracy concerns with the FRC. Taveta claimed it contained \u201calleged criticisms\u201d and said it was not given the opportunity to respond.\r\n\r\nThe documents contain the regulatory body\u2019s reasons for imposing a record \u00a310m sanction on PricewaterhouseCoopers (PwC) and its audit partner, Stephen Denison, following the FRC\u2019s investigation into the audit and financial statements of BHS for the year ending 30 August 2014.\r\n\r\nMr Justice Nickie ruled that Taveta demonstrated that there was a \u201cserious issue\u201d to be tried but said that the test for granting injunctions to public law cases were much stricter. The court was not satisfied that Taveta\u2019s case was \u201cexceptional\u201d and so its application for an injunction was refused.\r\n\r\nIn June 2016, the FRC launched an investigation into PwC\u2019s handling of the audit, two months after the retailer\u2019s collapse. PwC signed BHS off as a \u201cgoing concern\u201d just before the retailer was sold for \u00a31 to Dominic Chappell\u2019s Retail Acquisitions.\r\n\r\nPwC was fined \u00a310m while Denison was fined \u00a3500,000 and barred from performing any audit work for 15 years. The fines were reduced by 35% to \u00a36.5m and \u00a3325,000 respectively for early settlement.