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IL&FS case: SEBI widens investigation into role of rating agencies; looks into possible systemic lapses at all five rating agencies
•Grant Thornton said it identified multiple e-mails over the period from 2008 to 2018 which indicate that the IL&FS group was under stress or faced liquidity issues since 2015.
IL&FS mess: From tickets for Real Madrid match to watches and shirts, gifts doled out to rating agencies, reveals interim report
•The mandate was to audit the role of the credit rating agencies and ascertain whether there were any possible wrong-doings in rating IL&FS group companies during 2008-2018.
BSR & Associates LLP resigns as statutory auditor of IL&FS Investment Managers
•The announcement has come a day after BSR & Associates, a KPMG group associate, resigned as statutory auditor of IL&FS Financial Services (IFIN).
IL&FS scam: Govt alleges 22 auditing standards violations by Deloitte, KPMG arm; companies deny wrongdoing
•India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters
IL&FS scam: Ex-CEO of NBFC arm helped Fitch official buy villa, says report; rating agency investigating matter
•The massive scam came to light last year after various IL&FS group entities defaulted on debt repayments. The group owed more than Rs 90,000 crore as of March 2018.
IL&FS probe: Ex-CEO of subsidiary helped leading rating agency official buy duplex villa worth crores at discount
•The probe by the government's white-collar crime probe agency SFIO has already unearthed connivance of auditors and independent directors with the then top management of IFIN
IL&FS may file contempt case against nine banks for unauthorised withdrawals of about Rs 800 cr from firm's escrow accounts
Fp Staff •The banks made “unauthorised auto-deduction from IL&FS escrow accounts” in the last six months towards debt recovery
IL&FS fraud case: Whistle-blower sought to uncover scam in 2017, but management covered it up
•The scam at IL&FS came to light last year after several group entities defaulted on repayments due to severe liquidity problems.
IL&FS case: SFIO recommends action against guilty auditors, detailed internal investigation by Reserve Bank
•SFIO has also recommended a necessary action as per the Companies Act by the current management of IL&FS Financial Services (IFIN)
Reserve Bank's timely intervention could have helped detect crisis at IL&FS earlier, says SFIO
Fp Staff •IL&FS subsidiary IFIN was allowed to continue operations despite adverse RBI inspection reports