If unfavourable, IL&FS execs conspired to keep ratings private
The interim forensic audit report by Grant Thornton, which was assigned by the government-appointed IL&FS board, has revealed a complex nexus between key executives of the scam-tainted firm and credit rating agencies (CRAs), where employees conspired to keep ratings private when they were not favourable.
Grant Thornton, which reviewed ratings provided by various CRAs to IL&FS group companies, pointed out a January 2018 mail from Dilip Bhatia (IL&FS Transportation Network (ITNL) to key management personnel (KMPs) suggesting that rating from Moody’s should be kept private.
“We identified an email dated January 30, 2018, which was sent by Mic Kang (representative of Moody’s) to Bhatia providing him with the rating letter for ITNL.
