NCLT allows govt to reopen IL&FS Group's books for the last 5 years

The tribunal gave temporary relief to IL&FS auditors; ICAI proceedings will continue

In a first, the Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday allowed the corporate affairs ministry to reopen the books of the crippled Infrastructure Leasing & Financial Services (IL&FS) Group and its subsidiaries for the past five years under Section 130 of the Companies Act, to ascertain financial mismanagement. 

The government on December 21, 2018, had invoked the powers under Section 130 of the new Companies Act of 2013 to reopen the books of a company. The government wants to check the balance-sheets of the crippled group and its two listed subsidiaries — ITNL and IL&FS Financial