Finding large-scale lapses in the audit of IL&FS in the 2017-18 fiscal, the NFRA Wednesday said tens of thousands of crores of losses could have been averted if the non-compliance was detected earlier. The National Financial Reporting Authority (NFRA) has found "large scale non-compliance" professional standards and regulatory requirements by SRBC & Co LLP, an Ernst & Young Global Limited firm, in the auditing of IL&FS for 2017-18.

Independent audit regulator National Financial Reporting Authority (NFRA) has identified serious lapses in SRBC & Co LLP's audit of IL&FS for FY18 in its Audit Quality Review Report (AQRR). The AQRR observed that had the audit firm been vigilant, losses of tens of thousands of crores to banks, creditors and investors could have been averted. The shadow bank defaulted in repayment of bank loans and failed to meet commercial paper obligations, among others, in September 2018, causing a loss of investor confidence in NBFCs.

The National Financial Reporting Authority (NFRA) said an EY partner firm SRBC & Co's audit of the beleaguered Infrastructure Leasing & Financial Services Limited (IL&FS) was seriously compromised and the scam at the financier could have been detected much earlier if the auditor was more vigilant. In its audit quality report (AQR) released on Tuesday, the NFRA pointed to "large scale non-compliance with professional and regulatory and legal requirements" by the auditor.

The National FInance Reporting Authority has found a number of gaping holes in the audit of Infrastructure Leasing & Financial Services (IL&FS) for the year 2017-18. These include failure to comply with the basic requirements of audit and violation of norms on quality control and auditor independence. The auditor was SRBC & Co.t

The National Financial Reporting Authority (NFRA), the country's sole independent audit regulator, has found several deficiencies in the statutory audit conducted by EY member firm SRBC & Co LLP of Infrastructure Leasing & Financial Services (IL&FS) for the financial year 2017-18.In its 390-page audit quality review report (AQRR), NFRA has concluded that the audit firm did not have adequate justification for issuing the audit report asserting that the audit was conducted in accordance with the Standards of Auditing and the financial statements give a true and fair view.

The National Highways Authority of India (NHAI) has paid over Rs 891 crore to crisis-hit Infrastructure Leasing & Financial Services (IL&FS) as compensation for termination of the Khed-Sinnar Expressway project, which is a part of the Delhi-Mumbai industrial corridor, people aware of the development said. "This termination compensation is in addition to the Rs 90 crore collected by the company as toll from the 80% completed project over the last two years," said one of the persons cited earlier. The total debt of Khed-Sinnar Expressway that gets addressed with this compensation stands at Rs 1,400 crore and the project gets handed over to NHAI

In a move that will provide some relief to the unsecured creditors of IL&FS, which include retirement funds, the court has allowed interim distribution of Rs 16,361 crore to creditors at the holding company level. In normal course, investors of the holding company would have got money only after the liabilities of the group companies were resolved.

The National Company Law Appellate Tribunal has directed the new board of the debt-ridden IL&FS Group to distribute R5 16,361 crore of cash and InVIT units available across the Group up to its creditors on pro-rata basis.

The National Company Law Appellate Tribunal has directed the new board of the debt-ridden IL&FS Group to distribute Rs 16,361 crore of cash and InvlT units available across the group to its creditors on pro-rata basis.

The National Company Law Appellate Tribunal (NCLAT) has directed the new board of the debt-ridden IL&FS Group to distribute Rs 16,361 crore of cash and InvIT units available across the group to its creditors on pro-rata basis. The interim distribution award of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units (Infrastructure Investment Trusts) and a majority of this is to be distributed to the creditors of three large group firms — IL&FS, IFIN and ITNL, said an order by a two-member NCLAT bench headed by chairperson Justice Ashok Bhushan.