A senior government official said that Infrastructure Leasing & Financial Services auditors have “many questions to answer” as they are supposed to detect the irregularities and act as a ‘gatekeeper’.
The debt burden of the IL&FS is estimated to be more than Rs 94,000 crore and various entities along with few former officials and auditors, are under the scanner for widespread irregularities and huge loan defaults.
Corporate Affairs Secretary Injeti Srinivas said, “We are not expecting an auditor to detect a needle in a haystack, but if an elephant is in a room they ought to find it. That is the issue.”
“Prima facie, it appears that they (auditors) have many questions to answer in IL&FS. If they are found at fault, action is bound to happen.” Injeti said.
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