After auditors, SFIO hunts down top rating agencies in IL&FS scam. Patanjali’s sales plunge, inconsistent quality due to sudden growth cited as reason. TPG Capital, Manipal set to announce purchase of Medanta next week. Govt counters former CEA’s claim that GDP growth of India has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17. Powerful superflares produced by the sun could damage electronics across the world.
After auditors, SFIO hunts down top rating agencies in IL&FS scam.
What: The then CEO of IL&FS group’s financial service arm, IFIN, provided villa at subsidized price to a senior director of a leading rating agency when a circuitous deal was underway with a defaulter, as per an investigation by the Serious Fraud Investigation Office (SFIO).
The Action- Section: Following a probe by the Serious Fraud Investigation Office (SFIO) into top rating agencies ICRA, CARE Ratings, India Ratings and Brickwork Ratings, it has come to light that the agencies had maintained a stable rating for IFIN despite weak financials. Intervention by the top officials is being suspected.
Preventive measures: The Government will soon introduce an exam on Law, Ethics and Capital market norms, which the company directors will have to clear in order to be appointed.
The move comes on back of multiple lapses recently identified in the Indian banking and NBFC sectors.
Patanjali’s sales plunge, inconsistent quality due to sudden growth cited as reason.
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