Tag: ITNL

IL&FS auditor SRBC & Co resigns, BFSI News, ET BFSI

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New Delhi, Debt-ridden Infrastructure Leasing & Financial Services (IL&FS) has said its statutory auditor SRBC & Co has resigned with effect from September 28, 2021. “M/s SRBC and Co. LLP will be ineligible to continue as auditors of the Company for the financial year 2021-22 beyond September 30, 2021 having completed audits for three years,” IL&FS said in a stock exchange filing.

The National Financial Reporting Authority (NFRA) had earlier found serious lapses in the statutory audit of IL&FS Transportation Networks Ltd (ITNL), a subsidiary of IL&FS, for the 2017-18 fiscal, including that the company’s losses were understated by at least Rs 2,021 crore.

The statutory audit was conducted by SRBC & Co LLP.

IL&FS further said the company has approved the appointment of CNK Associates LLP as statutory auditor for FY 2021-22.

SRBC, in a statement, said it was appointed as the statutory auditor of IL&FS in September 2017 and has already served for a continuous period of three years.

As per the new RBI guidelines, this makes SRBC ineligible to continue as the statutory auditor of the company beyond September 30, 2021, it said.



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IL&FS and ITNL looking to replace auditor SRBC & Co, BFSI News, ET BFSI

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Infrastructure Leasing & Financial Services (IL&FS) and subsidiary IL&FS Transportation Networks Ltd (ITNL) are evaluating replacement of auditor SRBC & Co, an EY affiliate, as their statutory auditor, after a damning audit quality review report by the National Financial Reporting Authority.

The 343-page report released on Thursday said SRBC did not raise red flags in critical areas like going concern, evaluation of ITNL’s investments and loans.

Responding to ET’s query, IL&FS said discussions were ongoing around the continuation or otherwise of the auditor, and that the audit committee would soon take a call.

“So far neither IL&FS/ITNL has asked SRBC to resign, nor has SRBC offered to resign. This is under examination and is being referred to the audit committee of ITNL for appropriate recommendation to the board of ITNL,” IL&FS spokesperson Sharad Goel said.

EY did not respond till Sunday press time to an email seeking comment, sent on Friday evening.

The National Financial Reporting Authority (NFRA), part of the Ministry of Corporate Affairs, has gone into detail how the auditor did not interpret some of the accounting entries as they ought to be.

This would mean that the financial statements prepared by ITNL and approved by the auditor did not represent the real picture.

This development comes at a time when IL&FS’ government-appointed board is trying to sell ITNL’s assets.



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Punjab & Sind Bank declares loans worth Rs 150 cr to IL&FS Transportation as fraud, BFSI News, ET BFSI

Banking & Finance

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Public sector lender Punjab & Sind Bank on Tuesday said it has declared the account of IL&FS Transportation Network Ltd (ITNL) with total dues of Rs 149.98 crore as fraud.

The said account has been reported to the RBI.

It is informed that an NPA Account, viz IL&FS Transportation Network Limited (ITNL) with outstanding dues of Rs 149.98 crore has been declared as fraud and reported to the RBI as per regulatory requirement, Punjab & Sind Bank said in a filing.

Further, it said, the account has been fully provided for as per the existing RBI norms.

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