09:42 PM IST
Chartered accountants' apex body ICAI has sought explanation from audit firms that carried out statutory audit works of crisis-hit IL&FS group in the past few years.
The crisis at diversified IL&FS, following loan defaults by some group entities, has raised concerns about liquidity crunch in the financial system. Against this backdrop, the government seized control of the IL&FS board earlier this month.
The Institute of Chartered Accountants of India (ICAI) Wednesday said it has issued notices to audit firms that conducted statutory audit works of IL&FS group in the past few years.
However, specific details were not disclosed.
In the recent past, there has been news reports regarding diversion of loan money in IL&FS and its subsidiary companies, the ICAI said in a statement.
"The Disciplinary Directorate of the ICAI, upon coming across such news report has suo moto taken cognisance of the matter and pro-actively issued notices to the statutory auditors on October 4, 2018 for the relevant years of the concerned company seeking their explanation in the matter," it said.
The institute has also written to the Reserve Bank of India and the Serious Fraud Investigation Office seeking details about IL&FS issue.
"Based on the responses received, the ICAI would be fast-tracking its investigation on the role of member/ firm of the institute allegedly involved in terms of the disciplinary mechanism," the statement said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
8th CPC Revised Pension Estimates: What can be revised pension for Level 2, 4, 6, 8 and 10 employees at 2.08 and 2.57 fitment factors in 8th Pay Commission?
)
7 Stocks to Buy for Long Term: Brokerages bullish on Delhivery, Gabriel India, JK Cement & more; note down targets
)
Senior Citizen Highest FD Rates: Compare interest rate of banks like SBI, PNB, HDFC Bank and maturity on Rs 11,50,000 investment in 1-5 year FDs
)
Top 5 Large and Mid Cap SIP Mutual Funds in 10 Years: Rs 12,500 monthly investment in No. 1 fund has jumped to Rs 48,51,472
)
Power of Rs 1,50,000 PPF Investment: How many years will it take to generate over Rs 18 lakh/year tax-free income from Public Provident Fund?
)
8th Pay Commission Pay Projections for Indian Army: What can be revised salary for Subedar Major, Captain and others at 2.08-2.57 fitment factors
09:42 PM IST