MUMBAI: After the Serious Fraud Investigation Office (SFIO) took a strong view against the big four audit firms, the board of IL&FS has shortlisted Indian firms to reopen and recast IL&FS’ books and the mandate for the job is likely to go to Borkar & Muzumdar and GM Kapadia and Co The recast is expected to be completed in three months once the matter is conformed. An IL&FS spokesperson declined to comment on the development. It has raised funds by selling renewable energy business. Stake sale in seven wind energy SPVs is in the final stage after Japan’s Orix has conveyed its decision to match Gail's offer.Last week, the board reviewed the progress on divestment of all domestic and overseas assets and decided to constitute a six-member empowered committee -- including four directors Vineet Nayyar, CS Rajan, Bijay Kumar, N Srinivasan, and COO N Sivaraman -- to discuss and finalise the asset-wise framework of resolution with lenders. The board also decided to allow the bidders for toll road assets to jointly monitor traffic data and assess the revenue stream.

Source: Economic Times July 01, 2019 02:15 UTC