IL&FS
As a new layer of the IL&FS mess gets exposed every other day, Grant Thornton's forensic audit report now suggests that IL&FS Transportation Networks Ltd's (ITNL) current CEO, Dilip Bhatia, was among the decision-makers in terms of rating changes of the company and very much tried to conceal unfavourable ratings accorded by credit rating agencies

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Grant Thornton India LLP, which was appointed to conduct forensic audit on credit rating agencies (CRAs) engaged by Infrastructure Leasing & Financial Services (IL&FS) group companies reveal nexus between key employees of the scam-hit group and top executives of rating agencies

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The rating agencies fiasco viz IL&FS is now common knowledge. Triple A rated IL&FS Group entities enjoyed best of credit worthiness in the market place and a whole catalogue of high profile MNCs, trusts and corporate entities subscribed to its bonds.

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Moneylife Digital Team 18 July 2019
CARE Ratings has sent its managing director & chief executive (CEO) Rajesh Mokashi on leave with immediate effect, until further notice. CARE is the second ratings agency to send its top executive on leave after ICRA post anonymous complaint forwarded by Securities and Exchange Board of India (SEBI) to the agencies for probe.

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On 11th July, Mauritius-based AIDQUA Holdings, which has a 27.89% stake in New Tirupur Area Development Corporation (NTADCL), filed an intervention petition before the National Company Law Appellate Tribunal (NCLAT)

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Nearly a month after resigning as the statutory auditors of IL&FS Financial Services (IFIN), BSR & Associates, a KPMG arm, has relinquished its position as one of the auditors of IL&FS Engineering and Construction Company with immediate effect.

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Coercive tactics were used aggressively by the erstwhile rogue management of embattled IL&FS group as reported by IANS recently. At the vanguard of this malaise were Ravi Parthasarthy and Arun Saha who used their heft to arm twist malleable rating agencies for delaying or changing debt ratings of the group and its subsidiaries.

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Innovative ways to cook up money making schemes within the IL&FS Group through a fee based business model were some of the jiggery-pokery methods employed by the closed user group cabal which controlled the shadow bank for over 25 years.

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Infrastructure Leasing and Financial Services Ltd (IL&FS) Engineering and Construction Company urged the exchanges on Wednesday to avoid coercive action against it for failing to declare its quarterly results.

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Days after the Ministry of Corporate Affairs (MCA) moved the National Company Law Tribunal (NCLT) seeking a bar on BSR & Associates and Deloitte Haskins & Sells from audit practices, KPMG arm BSR & Associates LLP has resigned as the statutory auditor of IL&FS Financial Services (IFIN).

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Even as IL&FS and its group companies reel under severe liquidity crisis and cases of blatant cover-up and misappropriation, the IL&FS Engineering and Construction Company (IL&FS Engineering Services) has received the Union Road Transport Ministry's approval to revive and restart a road project in Bihar.

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Moneylife Digital Team 20 June 2019
The Enforcement Directorate (ED) has arrested two former top officials of the Infrastructure Leasing & Financial Services Ltd (IL&FS) under its money-laundering probe into alleged financial irregularities of the crisis-hit group.

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Prominent private and public provident funds like Infosys Ltd PF, Hewlett-Packard Global Ltd PF, The Times of India PF, the Postal Life Insurance Fund, the NPS Trust, and the Army Group Insurance Fund are exposed to non-convertible debentures (NCDs) of IL&FS Financial Services (IFIN), the company at the centre of the IL&FS fiasco.

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Credit rating agencies played major villain in the IL&FS crisis as they adjudged positive and impressive ratings on a regular basis to commercial papers and non-convertible debentures (NCDs) of IL&FS Financial Services (IFIN) despite unhealthy financial condition of the company, revealed an investigation report submitted by the Serious Fraud Investigation Office (SFIO) to the Ministry of Corporate Affairs.

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Aravind Natarajan 12 June 2019
In a recent addition to the Infrastructure Leasing and Financing Services (IL&FS) crisis, the Serious Fraud Investigation Office (SFIO) suspects that a senior official from the Reserve Bank of India (RBI) may have had some role to play in turning a blind eye to the non-compliance with various inspection report findings, says a report in the Time of India.

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During his policy review last week, RBI Governor Shaktikanta Das denied having received any SFIO investigative report on IL&FS --

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The Ministry of Corporate Affairs (MCA) has hinted at the indifference of RBI on the IL&FS's financial services arm (IFIN) for not meeting the basic criteria on CRAR (Capital-to-risky Asset ratio) and NOF (Net owned Funds) and the company's auditors' taking refuge in such lack of response from the apex bank in taking action on time against the company.

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A top secret Ministry of Corporate Affairs report has launched a salvo across RBI's bows. Fulminating in a a no-holds-barred manner against the central bank, it wants the RBI to conduct an internal investigation for the reasons for the delay in allowing IFIN (IL&FS Financial Services) to flagrantly disregard CAR (capital adequacy ratio) norms.

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The Supreme Court on Tuesday gave a free hand to the Serious Fraud Investigation Office (SFIO) to reopen and recast the Infrastructure Leasing & Financial Services (IL&FS) books of accounts for last five years.

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The dubious and highly contentious role played by independent directors in IL&FS has been thrown into stark relief by the latest SFIO charge sheet in the matter.

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