An overhang in auditing environment after IL&FS fiasco, says Reliance Infra

Anil Ambani-promoted Reliance Group is facing one of its worst debt woes, with lenders invoking pledge shares in some of the group companies

A day after auditors raised a long list of concerns on Reliance Infrastructure’s (RInfra) financial reporting, company officials called it an overhang in the auditing environment after the IL&FS fiasco. A top official said the company was on track with its debt reduction plan through monetisation of its road assets.

“This is an overhang from the general environment for auditors like IL&FS. They are behaving differently than they were behaving earlier,” said Punit Garg, executive director and chief executive officer for RInfra. “These were the same auditors and nothing has changed between third quarter and the fourth quarter, which would