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Wednesday, December 11, 2019

IL&FS case: Supreme Court restrains govt from acting against auditor BSR

The financial affairs of the IL&FS group came under scrutiny last year after it defaulted on short-term and long-term debt obligations to the tune of Rs 91,000 crore.

By: ENS Economic Bureau | New Delhi | Updated: September 27, 2019 1:52:41 am
The financial affairs of the IL&FS group came under scrutiny last year after it defaulted on short-term and long-term debt obligations to the tune of Rs 91,000 crore.

The Supreme Court on Thursday refused to allow the government to proceed against auditing company BSR & Associates LLP, a KPMG-affiliated firm, for alleged fraudulent misconduct in the Infrastructure Leasing & Financial Services (IL&FS) case.

The financial affairs of the IL&FS group came under scrutiny last year after it defaulted on short-term and long-term debt obligations to the tune of Rs 91,000 crore.

The Serious Fraud Investigation Office (SFIO) in May filed a criminal complaint against 30 parties in the IL&FS case, including Deloitte Haskin & Sells LLP and BSR & Associates. In its complaint, SFIO accused these auditors of colluding with officials of IL&FS Financial Services to conceal facts and fraudulently falsifying the books of accounts and thereby financial statements from FY14 to FY18. —FE

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