The Supreme Court on Tuesday allowed the Serious Fraud Investigation Office (SFIO) to reopen and recast the accounts of Infrastructure Leasing & Financial Services (IL&FS) and two of its key subsidiaries of five years starting 2012-13 (FY13). The order came on a plea moved by the Ministry of Corporate Affairs (MCA), which sought to examine the books of IL&FS, IL&FS Financial Services (IFIN), and IL&FS Transportation Networks (ITNL) between FY13 and FY18.
The SFIO is a multi-disciplinary organisation under the MCA for detecting and prosecuting or recommending for prosecution white-collar crimes.
The recast of books, tax experts said, would help the SFIO find out exactly how they were inflated and by how much.
