IL&FS completes forensic audit of rating agencies
IL&FS on Thursday said that it has completed the first phase of forensic audit on credit-rating agencies who have been engaged with its group entities in the last decade.
The outcome of the forensic audit has not been made public
This comes even as the NCLT allowed a plea by the Ministry of Corporate Affairs to implead erstwhile IL&FS auditors Deloitte and BSR, saying that the entire case was a “Satyam-like scam”.
Among the other reasons cited by the NCLT for allowing the plea are the serious nature of the charges against the auditors, as contained in the SFIO chargesheet.
In a filing to the exchanges, IL&FS said that the audit evaluates the role of CRAs in rating various debt instruments and facilitating excessive borrowings from money markets across group companies, that eventually led to defaults.
