ICAI Constitutes High Power Group on Diversion of Loan Funds by ‘ILFS’

ICAI Constitutes High Power Group on Diversion of Loan Funds by ILFS (Infrastructure Leasing & Financial Services Limited)

Based on Media reports, the ICAI has taken suo moto cognizance/ action and has constituted a High Power Group on alleged diversion of loan funds by IL&FS (Infrastructure Leasing & Financial Services Limited) and it subsidiary companies. The Group will study the system/ incidental issues and suggest remedial measures and improvement therein.

ICAI Press Release dt. 11 Oct. 2018

In the recent past, there have been news reports regarding diversion of loan money in IL&FS and its subsidiary companies. The Disciplinary Directorate of the Institute of Chartered Accountants of India (ICAI), upon coming across such news report has suo motu taken cognizance of the matter and issued notice on October 4, 2018 to the audit firms that carried out statutory audit works of IL&FS for the last 5 years.

In addition, the ICAI is also in touch with the other regulatory authorities and has already written to Reserve Bank of India (RBI), Securities & Exchange Board of India (SEBI) and Serious Fraud Investigation Office (SFIO) who have been investigating into the affairs of IL&FS.

ICAI has constituted a High Power Group on Infrastructure Leasing & Financial Services Limited (IL&FS). The High-Power Group would study the systemic issues in the IL&FS matter and suggest remedial measures and improvement in the system and any other matter incidental thereto.

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