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ICAI Accounting Research Foundation to oversee reopening of IL&FS books

Press Trust of India  |  New Delhi 

The Accounting Research Foundation (ARF) will oversee the process of reopening the books of crisis-hit IL&FS.

The board of debt-laden (IL&FS) was taken over by the corporate affairs ministry last year after many group entities defaulted on their debt obligations.

In a release, the (ICAI) Monday said ARF has been assigned the task of "reopening" of the books of IL&FS.

An said ICAI ARF, a not-for-profit entity, would oversee the process of reopening the books of IL&FS along with the ministry.

The can outsource the assignment, so that it is over within a reasonable period of time, the release said.

"It has been agreed to assign the task of reopening of the books and recasting of the financial statements of IL&FS, IFIN and ITNL from financial year 2012-13 to financial year 2017-18 to ICAI ARF," it added.

This has been done in view of the substantial public interest involved in the matter and the requirement to keep the whole exercise independent.

The (SFIO) is also probing the affairs of the IL&FS group.

The IL&FS group has a total debt of over Rs 91,000 crore.

Last month, the (NCLT) approved reopening of the books and recasting of the financial statements of IL&FS, (IFIN) and (ITNL) from the 2012-13 to 2017-18.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 11 2019. 18:45 IST
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