Read More >> MUMBAI: Infrastructure Leasing and Financial Services (IL&FS) has hired auditing and advisory firm Grant Thornton India to conduct audit and assist the Serious Fraud Investigation Office (SFIO) in its probe into alleged financial irregularities in the company.
SFIO had, in January, signed up a forensic auditing firm to help in the investigation, an official in the know of the development told ET. “We want SFIO to expedite its investigation and submit its final report. The two firms will help the probe agency in completing its investigation and submitting a final report to the ministry of corporate affairs (MCA),” the official said.
In November, the SFIO had placed an interim report detailing out the alleged irregularities surrounding IL&FS. It recommended that the assets of the key managerial individuals may be considered for restrainment under the provision of the Companies Act, 2013 by the central government.
“While the forensic auditors will be looking into the voluminous data collected by the agency, including the email exchanges between the erstwhile directors, companies and other individuals, to help establish if there was any criminality or irregularities on their part. Any instruction that were given not in accordance with the act or was part of the larger conspiracy will be probed by SFIO. They would also scan the computers and hard discs to look for data and information that would be subject ..