Crisis-hit IL&FS Thursday said it has completed the first phase of forensic audit of credit rating agencies that were engaged by its group entities in the last 10 years.
Grant Thornton, which was appointed by the IL&FS board to carry out the forensic audit, has submitted its report.
“The audit evaluates the role of the credit rating agencies in rating various debt instruments and facilitating excessive borrowings from money markets across Group companies that eventually led to defaults,” a release said.
The mandate is to audit the role of the credit rating agencies and ascertain whether there were any possible wrong-doings in rating IL&FS group companies during 2008-2018 period.
