IL&FS did not disclose NPAs for 4 years: RBI
The IL&FS had not disclosed any NPAs for the last four years, the Reserve Bank of India (RBI) has said in a report.
The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT.
"Wide divergences were observed between reported and assessed position of assets classification and provisions," the 5th progress report of IL&FS stated, quoting the RBI inspection.
Further, the IL&FS and RBI report highlighted various lapses and instances of mismanagement of the affairs of IL&FS and its group entities by the erstwhile board of IL&FS.
Apart from an interim report submitted by SFIO in November 2018, the audit panel of IL&FS appointed Grant and Thornton India LLP in January this year to conduct a special audit for all high value transactions of IL&FS and group companies for period April 2013-September 2019. This also includes special audit for IL&FS Financial Services.
