Finding itself at the centre of the IL&FS controversy, India Ratings on Saturday said its investigation into the role of a senior director at parent firm Fitch's Singapore office found him in violation of the company's code of conduct and he is no longer an employee.
The rating agency also defended its rating process, saying its ratings for IL&FS group entities followed a robust and transparent analysis of relevant information including the company's audited financial statements and sought to shift the blame to falsification and sprucing up of the financials by the former top management of the group.
It rejected the observations made in a special audit by Grant Thornton of the ratings given by five credit rating agencies, including India Ratings, to some IL&FS entities, in which it has been alleged that the agencies continued to give top ratings despite being aware about weak financials of the group.
