NCLAT dismisses Deloitte, KPMG pleas against impleadment in IL&FS matter; allows operation of 29 July interim order for two weeks
On 29 July, the NCLAT stayed the order of the Mumbai bench of the NCLT to implead the auditors and the independent directors of IL&FS.
IFIN statutory audit: NFRA says Deloitte Haskins failed to comply with auditing standards, didn't question inflation of profit
An executive summary of the AQR report released by the NFRA said the independence of the auditor was compromised by the provisions of non-audit services for substantial fees.
In the shadows of a debt crisis: A closer look at how IL&FS episode unfolded and impacted the larger economy
IL&FS has not just failed to bring private capital into the infrastructure sector but has used public assets to create opportunities for itself
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.
IL&FS probe: NCLT allows govt to prosecute auditors Deloitte, BSR; C Sivasankaran and 2 independent directors
The NCLT said the corporate affairs ministry can go ahead with the prosecution based on the findings of the probe
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
The banks made “unauthorised auto-deduction from IL&FS escrow accounts” in the last six months towards debt recovery
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)
IL&FS subsidiary IFIN was allowed to continue operations despite adverse RBI inspection reports
IL&FS crisis: SFIO identifies top management, auditors and independent directors of IFIN involved in fraud case
The SFIO is also collecting details about all borrowings by IFIN from banks and through market instruments, as also about the role of banks and their officials and of credit rating agencies.
IL&FS board charges 14 former directors of money laundering, criminal intent; show cause notices issued
LIC is the single largest shareholder with over 25 percent stake in IL&FS and Japan's Orix Corp owns a little over 23 percent.
IL&FS board begins legal action against defaulters of subsidiary IFIN after detecting irregularities, fraud
Earlier this month, state-owned gas utility GAIL India terminated a Rs 270-crore pipe laying contract it had awarded to financially-troubled IL&FS and replaced it with another contractor.