‘Firms took money from company to pay off existing loans to its subsidiary’
A forensic audit report of IL&FS has found serious lapses in the manner in which huge loans were extended to certain entities even after internal risk assessment clearly showed that the borrowers were under financial stress.
Further, various instances have been found wherein the committee of directors of the infrastructure financing company extended loans at a negative spread to borrowers facing liquidity issues. (A negative spread occurs when interest rates charged on amounts lent are lower than interest rates paid on borrowed sums.)
Potential stress
According to the forensic audit report prepared by Grant Thornton, the quantum of such loans is pegged at over 4,300 crore.
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Denne historien er fra March 04, 2019-utgaven av The Hindu.
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