The first hearing of the IL&FS fraud case will begin hearing on Friday in the sessions court - FE reports

The Supreme court on Tuesday allowed the SFIO to reopen and recast the accounts of IL&FS and two of its key subsidiaries of five years starting FY13

Trouble is mounting for audit firms as the ED issued summons to senior executives of Deloitte Haskins and Sells in connection with the ongoing money laundering probe against IL&FS.

Agency's charge sheet suggests regulator should conduct internal inquiry and take appropriate action

SFIO, in its chargesheet has exposed deep nexus between the auditors and other business companies to defraud the company

Launching a massive crackdown on perpetrators of IL&FS scams the SFIO has charged the erstwhile top management members of the group's financial subsidiary IFIN for forming a coiterie

Sivasankaran, nine IFIN ex-directors and auditors accused of hiding info, falsifying accounts. SFIO also accuses auditors BSR & Co LLP and Deloitte Haskins &Sells LLP, along with others of concealing information and falsifying accounts. SFIO said loans were given to Siva Group without adequate collateral.

IL&FS is looking to sell its non-core real estate assets, including its headquarters, which could help the infrastructure group raise Rs 5000-6000 crore as it tries to reduce debt or improve liquidity

SFIO has recommended that RBI probe officials in the department supervising NBFC for not having acted on IFIN despite RBI inspection finding major discrepancies in its books as early as 2014

MCA and IL&FS Board are investigating why concerns raised by junior analyst at a rating agency about the financial irregularities at the infrastructure financier were ignored by the top management at the creditworthiness evaluator