India Plans to File Petition Against IL&FS Auditors
- Petition comes as India probes diversion, siphoning of funds
- Court will next hear petion to reexamine accounts on Jan. 1
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The Indian government has sought to reopen the books of Infrastructure Leasing & Financial Services group, alleging evidence of auditing lapses was uncovered while looking into allegations that funds were siphoned from the beleaguered financier.
A probe by India’s Serious Fraud Investigation Office indicated the lender’s accounts were fraudulent and mismanaged, Sanjay Shorey, a lawyer for the government told the National Company Law Tribunal on Friday. The court told the government to notify those involved, including regulators and tax authorities, of its petition and set Jan. 1 as the next hearing date.