How Villas, Donations Eased IL&FS' Way To Ratings
The Hindu|July 20, 2019

Forensic audit also flags possible conflict of interest via IL&FS’ stake in an agency; says NBFC’s officials influenced ratings.

- Ashish Rukhaiyar
How Villas, Donations Eased IL&FS' Way To Ratings

The forensic audit report on credit rating agencies (CRAs) of IL&FS has alleged serious lapses on the part of such agencies that had concerns related to the operations of the entity way back in 2012 but chose to downgrade ratings only in 2018.

The report, prepared by Grant Thornton, also raises questions on the protocols followed by CRAs while stating that credit rationale reports, made by the agencies, were modified by key employees of IL&FS.

The report has also stated that IL&FS Group and its senior staff provided favours to rating agency officials.

As per the report, Ramesh Bawa, former CEO, IFIN, facilitated the purchase of a villa for Ambreesh Srivastava of India Ratings. Similarly, Arun Saha, former CEO, IL&FS Ltd., arranged Real Madrid football match tickets for Brickwork Ratings’ D. Ravishankar. The IL&FS Group also donated 25 lakh to Sameeksha Trust whose managing trustee D.N. Ghosh was also the ICRA chairman.

この蚘事は The Hindu の July 20, 2019 版に掲茉されおいたす。

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この蚘事は The Hindu の July 20, 2019 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

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