IL&FS books, riddled with irregularities, sent to audit regulator NFRA

The new management at the beleaguered infrastructure finance company has also started moving on cleaning up the mess

The Ministry of Corporate Affairs (MCA) has sent the books of Infrastructure Leasing & Financial Services (IL&FS), filled with auditing irregularities, to the newly constituted National Financial Reporting Authority (NFRA). “It will be a test case for the NFRA,” a key source in the ministry said. 

Former bureaucrat Rangachari Sridharan is the chief of the NFRA, which is responsible for the establishment and enforcement of accounting and auditing standards and oversight of the work of auditors.

The Institute of Chartered Accountants of India has also sent show-cause notices to the statutory auditors of IL&FS. 

The new management at the beleaguered infrastructure finance company