Page 4 - Il&fs Case

IL&FS crisis: Sebi expands probe into role of 5 credit rating agencies

Market regulator Sebi has expanded its probe into the role of five credit rating agencies after a forensic audit mandated by the new board of crisis-ridden IL&FS flagged serious lapses and their possible complicity with the former top brass of the group in giving top ratings despite weak financials. While CEOs of two rating agencies have already been forced to go on leave pending completion of the probe on the advice of Sebi, officials said the regulator is now looking into possible systemic lapses at all five rating agencies and also into the role of multiple people suspected to have intentionally manipulated the rating procedures. The special audit conducted by Grant Thornton found that its review of emails exchanged by the former key executives of Infrastructure Leasing and Financial Services (IL&FS) group and the top officials of rating agencies showed that they were aware of the serious liquidity concerns and weakening financials of the group. "However, various strategies

Deloitte Haskins, BSR say NCLT cannot ban them for their IFIN auditing

The matter was part heard by the NCLT on Friday and has been posted for further hearing on Monday

Real Madrid tickets to Fitbit shirts: Gifts by IL&FS for favourable ratings

From tickets for a Real Madrid football match and hefty discounts on a luxurious villa to a Fitbit watch and shirts, a probe into the high-profile IL&FS scam has found numerous cases of favours and gifts extended by the erstwhile top management to senior officials of rating agencies and their family members. While the continuing probe has already led to CEOs of two rating agencies having been sent on leave by their respective boards, fresh details have emerged about suspected attempts by the former top management personnel of IL&FS Group to influence the rating agencies and their top officers for high credit ratings. The new board of IL&FS, which was appointed by the government after massive defaults by the group to the tune of over Rs 90,000 crore and suspected wrong-doings by the former top management, had mandated Grant Thornton to carry out a forensic audit. In an interim forensic audit report on role of credit rating agencies engaged by the erstwhile management, Grant

Pension, provident funds to get top priority in repayment from IL&FS: NCLAT

Three amber companies classified into green; L&T Finance, Birla Sun Life MF among beneficiaries

IL&FS case: Court extends ED custody of two former officials by 3 days

Saha and Ramchand were the first to be arrested in the case related to the alleged irregularities at IL&FS

IL&FS Fin Services laundered Rs 5,000 cr of shareholder funds: ED to court

The ED claimed the group was being run as a "personal fiefdom" by directors, who indulged in enhancing turnover for ensuring better credit rating for group cos and also bonus-like incentives

IL&FS case: SFIO recommends action against auditors, steps to recoup losses

SFIO has identified a nine-member coterie behind the huge financial fraud at IFIN, which it alleged connived with the statutory auditors and some independent directors to defraud the company

MCA moves NCLT against Deloitte, BSR over fraud at IL&FS subsidiary

Ministry asks SFIO to probe the role of lenders, credit rating agencies in the IL&FS fraud case