IL&FS senior management asked ICRA for 'desired ratings': ED probe

ICRA is also believed to have told the ED that it had no knowledge about the restrictions imposed by the RBI

The Enforcement Directorate (ED) has found that ratings of the Infrastructure Leasing & Financial Services (IL&FS) group firms were upgraded on many occasions after the intervention of senior management seeking ratings review. 

While changing the ratings of several companies, their financial stress was not taken into account by the rating agencies, the findings show, pointing to an absence of checks and balances, according to sources close to the development. ED is examining the role of credit rating agencies in connection with the IL&FS money laundering case. 

According to the enforcement sleuths, then senior management of IL&FS including Ravi Parthasarathy, Arun Saha and