Grant Thornton's IL&FS audit finds irregularities in deals worth Rs 13K cr

Grant Thornton in its report on debt ridden IL&FS Group has identified various financial irregularities in deals with financial implications of over Rs 13,000 crore during special audit conducted by the firm. IL&FS Group, which operates at least 24 direct subsidiaries, 135 indirect subsidiaries, six joint ventures and four associate companies, is sitting on debt of Rs 94,000 crore. The report has identified 29 instances where it appears that the loans disbursed to borrowers were in turn utilised by their group companies to repay the existing debt obligations with IL&FS Financial Services Limited (IFIN). These together has a financial implications of Rs 2,502 crore, said the draft report prepared for all high-value transactions undertaken by IL&FS Limited and few of its group companies for the period commencing from April 1, 2013 to September 30, 2018. The report said there are 18 instances where the Commercial Operations Date (COD) ultimately approved loans to those ...

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