Free Press Journal

ICAI panel to study IL&FS systemic issues


New Delhi: Chartered accountants’ apex body ICAI on Thursday said it has constituted a nine-member panel to study the systemic issues in the IL&FS crisis, amid the government intensifying efforts to address the problems at the diversified group. The setting up of the committee by the ICAI comes days after it sought explanation from audit firms that carried out statutory audit works at the IL&FS Group in the past few years. The Institute of Chartered Accountants of India (ICAI), which has more than 2.95 lakh members, has also written to RBI and the Serious Fraud Investigation Office seeking details about IL&FS issue.

Board to meet today
The newly-constituted board of Infrastructure Leasing and Financial Services (IL&FS), headed by veteran banker Uday Kotak, will meet for the second time on Friday to decide on the further course of action plan for the cash-crunched company, a source said.

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