Whistle-blower letter: Deloitte faces SFIO probe in IL&FS case

The Serious Fraud Investigation Office (SFIO) has initiated investigations into a whistle-blower complaint sent by a Deloitte employee and will summon its top officials for questioning to find out whether the Infrastructure Leasing & Financial Services (IL&FS) group’s auditor deliberately ignored several red flags in the company’s books, recommended creating complex structures, and in a […]

NCLAT directs IL&FS to submit information about four group entities

The National Company Law Appellate Tribunal (NCLAT) on Monday directed debt-ridden IL&FS to submit information over investment made by pension and provident funds in its four group firms, and also sought details of financial liabilities of those entities. These four ‘amber’ companies are — Hazribagh Ranchi Expressway, Jharkhand Road Project Implementation Company, Moradabad Bareily Expressway, […]

IL&FS crisis raises questions about rating agencies: Injeti Srinivas

The unravelling of IL&FS, the debt-laden infrastructure financing and construction company, has hurt the credibility of rating agencies, said Corporate Affairs Secretary Injeti Srinivas Thursday. India Ratings & Research, ICRA, and Credit Analysis and Research Ltd gave IL&FS the highest rating of AAA when the company’s subsidiary, IL&FS Transport Networks, defaulted in June, said Srinivas […]

IL&FS financial arm’s GNPAs touch 90% in Dec against 5% in Mar 2018: Board

The Infrastructure Leasing & Financial Services (IL&FS) board on Wednesday presented a status report on the group’s financials and the asset monetisation plan, six months after the government-appointed panel took over the reins of the company. The board said the asset monetisation plan for the beleaguered infrastructure finance player was in good shape as far […]