NCLT allows govt to reopen IL&FS accounts for past 5 years
The National Company Law Tribunal (NCLT) has allowed the government to reopen the accounts of crisis-hit Infrastructure Leasing and Financial Services (IL&FS) and two of its subsidiaries, for the past five years. The tribunal, however, rejected allegations by the Ministry of Corporate Affairs that IL&FS' statutory auditors had fraudulently mismanaged its accounts for the past five years.