The e-mail trail suggests that the key employees of IL&FS used to approach other rating agencies if they did not get the desired ratings, the audit report noted. In an e-mail dated October 15, 2018 senior ITNL executive Madan Mohan requested the removal of CARE as the rating agencies of JRPICL "since two rating agencies are sufficient from a regulatory standpoint". At times when they did not get favourable ratings, IL&FS officials pressurised the rating agencies and said that the company may withdraw its rating request. Grant Thornton's review also identified an e-mail dated July 16, 2009 where IL&FS official K.V. "I told him that, we may withdraw our rating request," Sawant said in a mail dated July 27, 2009 to Saha among others.

Source: Mint July 21, 2019 13:18 UTC