Ministry proposes NCLT four auditing firms to restate IL&FS

The corporate affairs ministry has proposed the NCLT four auditing firms in order to restate the accounts of the crisis-ridden Infrastructure Leasing & Financial Services (IL&FS) and some of its other subsidiaries to verify the fraudulent transactions.

IL&FS

The ministry currently awaits the review of the NCLT on the banning of Deloitte, Haskins & Sells and BSR Associates, which were the statutory auditors of these companies before going belly up. While Deloitte quit in FY18, BSR, which is an affiliate of KPMG, did so only in June 2019, PTI reported.

Though the names were disclosed publicly, ministry sources told PTI that the ministry on Thursday proposed the Borkar & Mazumdar & Co and MM Chitale & Co for IL&FS and IFIN respectively; and GM Kapadia & Co and CNK & Associates for IL&FS Transportation Networks.

Incidentally, all these new auditing firms are local companies based in Mumbai, while Deloitte is an American and BSR has a foreign partner in KPMG.

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