look news india
A major audit of the accounts of tainted IL&FS, IL&FS Financial and ITNL has been conducted. IL&FS's loss for the five financial years ending 2017-18 is now estimated at Rs 9,600 crore, against a profit of Rs 1,869 crore estimated by the management and board. It is noteworthy that the management and the board were ousted after irregularities that seriously affected the country's financial sector were exposed. Two other subsidiaries, IL&FS Financial Services and IL&FS Transportation Network (ITNL), also have a similar story of wrongdoings. A big scam has also come to light in the accounts of these two companies. If we talk about the financial year 2017-18 only, then the loss of IL&FS is now estimated to be Rs 7,393 crore, whereas earlier the profit of Rs 332 crore was reported. According to data shared with the corporate affairs ministry, IL&FS Financial's losses in five years have reached Rs 5,000 crore, compared to profits of Rs 1,602 crore in 2013-14 and 2017-18. In the case of ITNL, the five-year loss has reached Rs 1,500 crore, while the management had earlier indicated a profit of Rs 1,486 crore.
