Audit panel uncovers secret behind IL&FS favourable ratings

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Although credit rating agencies (CRAs) had concerns regarding the operations of the debt-ridden IL&FS group during the period June 2012 to June 2018, the ratings assigned by them were consistently high and the same were reversed only after June/July 2018, as per the observations of Grant Thornton India LLP, which was appointed by IL&FS’ audit committee to conduct a special audit.

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