NCLT allows govt to open IL&FS group companies’ past financial statements


NCLT allows govt to open IL&FS group companies’ past financial statements

The National Company Law Tribunal (NCLT) Mumbai today allowed the government’s plea for re-opening and re-casting of financial accounts of Infrastructure Leasing & Financial Services (IL&FS), and its subsidiaries IL&FS Transportation Networks Ltd (ITNL) and IL&FS Financial Services Ltd (IFIN) for the past five years.

In December, the MCA through its Western Regional Director Manmohan had filed a plea for re-casting of financial accounts for the three companies for the period between years 2012-13 and 2017-18.

The Ministry of Corporate Affairs (MCA) suspects these accounts have been prepared in a fraudulent manner in order to “provide a rosy picture” of its financial health, its Director (Legal Protection) Sanjay Shorey said. Read More

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