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