STOCK MARKET BSE NSE

IL&FS completes part of forensic audit on Credit Rating Agencies

The board had appointed Grant Thornton to conduct the forensic audit of IL&FS group companies’ ratings between 2008 and 2018.

Published: 19th July 2019 07:15 AM  |   Last Updated: 19th July 2019 07:15 AM   |  A+A-

ILFS_CRISIS

Infrastructure Leasing and Financial Services (File| PTI)

By Express News Service

MUMBAI:  The newly appointed board of beleaguered Infrastructure Leasing & Financial Services Ltd (IL&FS) on July 19 said that it has completed the first phase of forensic audit on Credit Rating Agencies (CRA) that have been part of the ratings of IL&FS group companies in the past 10 years, and submitted the report to relevant stakeholders, sector experts and legal terms for “information, consultation and opinion”.

The board had appointed Grant Thornton to conduct the forensic audit of IL&FS group companies’ ratings between 2008 and 2018. CRAs have been facing the flak ever since the collapse of IL&FS Group last year for their oversight on stress in the finances of group firms. 

Meanwhile, Care Ratings late on July 17 said it has asked its MD and CEO Rajesh Mokashi to go on leave with immediate effect, following an anonymous complaint filed with markets regulator SEBI.

Care is the second rating agency to do so; earlier this month, ICRA had asked its MD &CEO Naresh Takkar to go on leave for a similar reason. 

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp