New Delhi, Aug 21 (IANS) The IL&FS had not disclosed any NPAs for the last four years, the Reserve Bank of India (RBI) has said in a report.
The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT.
"Wide divergences were observed between reported and assessed position of assets classification and provisions," the 5th progress report of IL&FS stated, quoting the RBI inspection.
Further, the IL&FS and RBI report highlighted various lapses and instances of mismanagement of the affairs of IL&FS and its group entities by the erstwhile board of IL&FS.
Apart from an interim report submitted by SFIO in November 2018, the audit panel of IL&FS appointed Grant and Thornton India LLP in January this year to conduct a special audit for all high value transactions of IL&FS and group companies for period April 2013-September 2019. This also includes special audit for IL&FS Financial Services.
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
