IL&FS Asks Bourses To Avoid Coercive Actions Over Quarterly Results

Infrastructure Leasing and Financial Services Ltd (IL&FS) Engineering and Construction Company urged the exchanges on Wednesday to avoid coercive action against it for failing to declare its quarterly results.

The company in regulatory filing said it will be "challenging" for the management to prepare the financial statements owing to the proposed divestment and restructuring of its group companies, among other reasons.

"In light of the existing moratorium for the company and the special circumstances of this case, we request and urge the stock exchanges to not take any coercive or pecuniary actions against the company," it said.

It added that "there is a moratorium imposed by National Company Law Appellate Tribunal (NCLAT) which exists in favour of IL&FS and its group companies".

Taking note of the nature of the case, NCLAT's Delhi bench had passed an order of moratorium last year, prohibiting any institution from taking action against the company to recover any security interest created on the assets of IL&FS and its group companies.