IL&FS, SFIO not responding: ICAI

The Institute of Chartered Accountants of India (ICAI), which had initiated investigations against auditors of IL&FS and some of its subsidiaries, has accused the crisis-hit company and the Serious Frauds Investigation Office (SFIO) of not responding to its questions. Last week, IL&FS has replied to ICAI’s October 10 letter saying, its board led by chairman Uday Kotak had been granted protection by the National Company Law Tribunal (NCLT) that superseded the earlier board and advised the audit regulator to withdraw its letter, sources said. A few days before that, SFIO had written to ICAI saying it was not the appropriate authority to share information Government officials said that ICAI had asked unnecessary questions related to investigations of auditors and had gone beyond its remit just to show that the other agencies were not cooperating. Next, they will ask CBI director to appear and share his findings. They seem to have asked several questions including the impact on the economy, said an official, requesting anonymity.

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