Icra did not disclose the name of the client. The rating agency also said that its board had appointed external experts to look into an "anonymous representation" forwarded to the company by the market regulator.
The company said it had made provisions in light of these two issues.
“Based on the work done till date, the company has made provision on a prudent basis with regards to the adjudication proceedings, while, apropos the representation, no findings have yet been identified. The company will consider the implications, if any, in due course, upon completion of these matters,” said Icra in a filing to BSE.
An email sent to Icra seeking more clarity on the disclosures wasn’t answered.