KEY CONCLUSIONS OF NFRA
Initial appointment and continuation of SRBC & Co as statutory auditor illegal
ITNL’S financial exposure to its subsidiaries, JVS not properly valued
Company’s losses during 2017-18 were understated by at least ~2,021 crore
Audit firm failed to appropriately evaluate the use of the going concern basis of accounting Integrity of the audit file found to be questionable due to tampering