Supreme Court orders reopening of books of account of IL&FS and its group Cos.

CL : Where NCLT had allowed application preferred by Central Government under section 130(1) and (2) and had permitted re-casting and reopening of accounts of IL&FS and group companies for last five years and said order was upheld by NCLAT as management of IL&FS and other group company/companies were responsible for negligence and incompetence, and had falsely presented a rosy financial statement,

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