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SFIO to probe statutory auditors role in IL&FS crisis

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The Serious Fraud Investigation Office (SFIO) will investigate the role of statutory auditors in crisis-hit IL&FS and its subsidiaries amid concerns over financial irregularities, sources privy to the developments told CNBC-TV18.

The Serious Fraud Investigation Office (SFIO) will investigate the role of statutory auditors in crisis-hit IL&FS and its subsidiaries amid concerns over financial irregularities, sources privy to the developments told CNBC-TV18.
In a rare move, the government has superseded the board of IL&FS on Monday against the backdrop of debt defaults by some of its group entities that triggered fears of liquidity crunch.
During financial year 2017-18, IL&FS had 169 group companies. Out of them, 24 were direct subsidiaries, 135 indirect subsidiaries, 6 joint ventures and 4 companies were associate companies.