The Union secretary for corporate affairs has warned that the firms auditing group companies of troubled Infrastructure Leasing & Financial Services (IL&FS) have “many questions to answer” regarding the build-up of irregularities within that group.
The secretary also said while the government was not expecting an auditor to detect a needle in a haystack, they ought to find if “an elephant is in the room”. IL&FS’ debt is reportedly over Rs 94,000 crore, but there was little suspicion of the scale of the problem prior to some group companies defaulting on ...
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