Debt-ridden IL&FS statutory auditor SRBC & Co resigns

Debt-ridden IL&FS statutory auditor SRBC & Co resigns
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Debt-ridden Infrastructure Leasing & Financial Services (IL&FS) has said its statutory auditor SRBC & Co has resigned with effect from September 28, 2021.

“M/s SRBC and Co. LLP will be ineligible to continue as auditors of the Company for the financial year 2021-22 beyond September 30, 2021 having completed audits for three years,” said in a stock exchange filing.

The National Financial Reporting Authority (NFRA) had earlier found serious lapses in the statutory audit of Transportation Networks Ltd (ITNL), a subsidiary of IL&FS, for the 2017-18 fiscal, including that the company’s losses were understated by at least Rs 2,021 crore.

The statutory audit was conducted by SRBC & Co LLP.

further said the company has approved the appointment of CNK Associates LLP as statutory auditor for FY 2021-22.

SRBC, in a statement, said it was appointed as the statutory auditor of IL&FS in September 2017 and has already served for a continuous period of three years.

As per the new RBI guidelines, this makes SRBC ineligible to continue as the statutory auditor of the company beyond September 30, 2021, it said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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