Mon. Aug 10th, 2020

IL & FS directors and auditors charged with criminal conspiracy

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New Delhi, 31 May(HS): The directors of IL & FS, Hari Sankaran and Ramesh Bawa and auditor firms-BSR & Co and Deloitte Haskin have been charged for cheating and criminal conspiracy by Serious Fraud Investigation Office an investigation cell of Ministry of Corporate Affairs (MCA).
The chargesheet has been filed against directors for violation of Companies Act and cheating and conspiracy under IPC. They didn’t declare Non Performing Assets even though their borrowers didn’t pay their dues and presented a rosy picture.
Whereas the auditors concealed the material information and did not disclose correct values of Net Owned funds and Capital to Risk Assets Ratio (CRAR). Chargesheet has been filed against them for not following norms in auditing and for fraudulent practices followed by them in preparation of financial statements of the firm not giving true picture of company’s financials.