Motilal Oswal
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Motilal Oswal
Finance

IL&FS' final audit complete, exposes web of corruption, shady loans

Updated : May 15, 2019 03:06 PM IST

As per the audit report, former managing director of IL&FS Financial Services (IFIN) Ramesh Bawa did not disclose his investments in AAA Infosystem and AAAB Infrastructure, which appears to be potential non-compliance of regulations of the Companies Act.
Grant Thornton found indirect links of Bawa with Silverglades Group and Ansal Group, which were provided loans to the tune of Rs 487 crore.
The auditor found that Silverglades was given loans by the company's former director without seeking any securities. Overall loans worth Rs 3,768 crore were sanctioned without security.
IL&FS' final audit complete, exposes web of corruption, shady loans
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