To disgorge Rs 59.16 crore in matter relating to insider trading activity
IL&FS Engineering & Construction Co announced that Securities and Exchange Board of India (SEBI) vide its Order dated 10 September 2015 (as hosted on its Website) directed the Company to disgorge an amount of Rs.59,16,49,091/- (Rupees Fifty-nine Crore Sixteen Lakh Forty-nine Thousand and Ninety-one only) along with simple interest @ 12% p.a. from 07 January 2009 till the date of payment, in the matter of alleged Insider Trading activity during the period when the Company was under the Control of erstwhile Promoters.However, SEBI Order, considering the special facts and circumstances of the case that (i) Infrastructure Leasing & Financial Services (IL&FS) was brought in as new Promoter of the Company by the Hon'ble Company Law Board (CLB); and (ii) IL&FS did not have any role or involvement in the insider trading of Maytas Infra, did not felt necessary to restraint/debar IL&FS Engineering and Construction Company (IECCL) accessing the Capital Market.
The Company shall explore and avail all legal rights available to it under the Law to protect the interests of the Company.
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