Letter to BS: Role of independent directors in IL&FS mess should be probed

The Ministry of Corporate Affairs has done the right thing in sending the accounting books of Infrastructure Leasing & Financial Services to the National Financial Reporting Authority suspecting accounting irregularities. Similarly, the Institute of Chartered Accountants of India has issued a show cause notice to the statutory auditors of the company. The way the credit ratings of the company were steeply downgraded in matter of a few days should prompt calling for the detailed explanation of the credit-rating agencies. The Company Law Board and the Reserve Bank of India (RBI) should closely probe the role of the erstwhile independent directors