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.