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1-min read

Rs 7,009 Crore PF Money Invested in IL&FS Group, Ministry of Corporate Affairs Tells Parliament

Auditors Deloitte Haskins & Sells and the KPMG affiliate BSR Associates, who are under fire for their alleged lapses in the IL&FS scam, last week questioned the justification behind the ministry's demand to seek a five-year ban on them.

News18.com

Updated:June 24, 2019, 6:58 PM IST
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Rs 7,009 Crore PF Money Invested in IL&FS Group, Ministry of Corporate Affairs Tells Parliament
The building of Infrastructure Leasing & Finance Corporation.
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New Delhi: According to an answer provided by the Ministry of Corporate Affairs in the Lok Sabha on Monday, Rs 7,099 crores of Provident Fund (PF) has been invested in the IL&FS group of companies.

“As per the information provided by IL&FS, Rs 7,099 crore of PF fund has been invested in IL&FS group companies,” read the answer to a question tabled by Janata Dal's Kaushalendra Kumar, MP from Nalanda constituency.

Last week, auditors Deloitte Haskins & Sells and the KPMG affiliate BSR Associates, who are under fire for their alleged lapses in the IL&FS scam, questioned the justification behind the ministry's demand to seek a five-year ban on them.

The counsel for the auditors argued they are neither related to the management of any IL&FS company nor are involved with the day-to-day management of the crippled group that owes close to Rs 1 lakh to the system.

The National Company Law Tribunal (NCLT) has posted the matter for hearing on July 15.

The corporate affairs ministry had on June 10 moved the NCLT seeking a five-year ban on Deloitte and BSR, who were the auditors of IL&FS Financial Services, and also to appoint a new auditor for the crippled firm.

Meanwhile, the ministry also filed a petition in NCLT seeking to implead 23 new parties after the Serious Fraud Investigation Office (SFIO) submitted its investigation report implicating them for mismanagement. According to the impleadment plea, these 23 people will be made respondents in the main petition filed last October.

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