The ministry of corporate affairs on Monday filed a fresh application with the National Company Law Tribunal (NCLT) to bar Deloitte Haskins & Sells and BSR Associates, who are the auditors to IL&FS Financial Services, from auditing for five years and to appoint a new auditor for the firm. IL&FS Financial Services is one of the 348 subsidiaries of the IL&FS group, which owes more than Rs 95,000 crore to lenders. The auditors not only connived with the top management in their fraudulent activities but also sought to sell them certain products and services. The new board had initiated a comprehensive claims management process for 70 group entities on May 22. “The claims process is being run in an effort to crystallise the financial and operational liabilities of IL&FS Group to facilitate distribution of proceeds from the resolution process …Grant Thornton has been appointed as the claims management adviser,” IL&FS said.

Source: The Telegraph June 10, 2019 19:30 UTC