Although credit rating agencies (CRAs) had concerns regarding the operations of the debt-ridden IL&FS group during the period June 2012 to June 2018, the ratings assigned by them were consistently high and the same were reversed only after June/July 2018, as per the observations of Grant Thornton India LLP, which was appointed by IL&FS’ audit committee to conduct a special audit.
The advisory firm, which carried out a digital forensic audit of the electronic communication of 11 former key employees/key managerial personnel (KMP) of the IL&FS group, alleged that the credit rating rationale, which is supposed to be drafted by the rating agencies, was materially modified or significant suggestions from the former key employees of IL&FS were incorporated to provide and support good ratings given by the CRAs.
