Recent Highlights
All Stories for Ifin
IL&FS case: SEBI widens investigation into role of rating agencies; looks into possible systemic lapses at all five rating agencies
• 6 years agoGrant 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
• 6 years agoThe 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
• 6 years agoThe 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
• 6 years agoIndia 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
• 6 years agoThe 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
• 6 years agoThe 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 • 6 years agoThe 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
• 6 years agoThe 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
• 6 years agoSFIO 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 • 6 years agoIL&FS subsidiary IFIN was allowed to continue operations despite adverse RBI inspection reports