Forensic audit flags 2012 stake sale of IL&FS arm to Singapore-based firm
A forensic audit of IL&FS Tamil Nadu Power Company Ltd (ITPCL) has flagged its 2012 equity stake sale to a Singapore firm, AS Coal Resource Pte Limited, controlled by Jaimin Vyas, a British national.
The audit report, prepared by Grant Thornton, has raised concerns over the transaction underlying the sale of ITPCL stake to AS Coal Resource as it has found that SEPCO Electric Power Construction Corporation, a Chinese construction and engineering company, allegedly provided financial assistance of about Rs 800 crore to entities associated with Vyas, for acquisition of ITPCL shares.
The audit report, submitted to a consortium of lenders led by Punjab National Bank in June 2020, has found that SEPCO was one of the contractors of ITPCL and it had received money from the power firm for various contracts.
