Chartered accountants' body indicates not receiving information from SFIO, various agencies on IL&FS crisis

The Institute of Chartered Accountants of India (ICAI) has constituted a nine-member panel to study the systemic issues in the IL&FS crisis, amidst the government stepping up efforts to address problems related to the case.

Press Trust of India October 30, 2018 11:03:33 IST
Chartered accountants' body indicates not receiving information from SFIO, various agencies on IL&FS crisis

New Delhi: The chartered accountants' apex body ICAI on Monday indicated that it is not receiving information from various agencies related to the  Infrastructure Leasing & Financial Services  (IL&FS) crisis.

The Institute of Chartered Accountants of India (ICAI) has constituted a nine-member panel to study the systemic issues in the IL&FS crisis, amidst the government stepping up efforts to address problems related to the case.

A senior ICAI official said the institute has written to various regulators and agencies seeking details about the IL&FS case but has not received the requisite information so far.

Entities, including the Serious Fraud Investigation Office (SFIO), have written back saying they are not the appropriate agencies to provide the information, the official added.

Chartered accountants body indicates not receiving information from SFIO various agencies on ILFS crisis

Representational image. Reuters.

However, the official did not mention about the specific details sought by the institute from various regulators and agencies.

The institute had written to the Reserve Bank of India and the Serious Fraud Investigation Office (SFIO), among others, seeking details about the IL&FS issue.

On 11 October, the ICAI said it has set up a high power group that "would study the systemic issues in the IL&FS matter and suggest remedial measures and improvement in the system and any other matter incidental thereto".

On 10 October, the institute said that based on the responses from the RBI and the SFIO, it would be fast-tracking its investigation on the role of member/ firm of the institute allegedly involved in terms of the disciplinary mechanism.

Earlier this month, the government superseded the board of IL&FS and appointed a six-member board with Uday Kotak as the non-executive chairman.

The crisis at IL&FS has rattled financial markets by sparking off concerns of liquidity crunch.

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