IL&FS Transportation Networks announced that the Union of India (acting through the Ministry of Corporate Affairs) has filed an application before the National Company Law Tribunal (Mumbai) ('NCLT') under Section 130(1) of the Companies Act, 2013, seeking permission to: (i) re-open the books of accounts and re-cast the financial statements of Infrastructure Leasing and Financial Services, IL&FS Financial Services and IL&FS Transportation Networks ('Respondents'), for the previous five (5) financial years; and (ii) appoint chartered accountants to recast the accounts/financial statements for the said periods.
By way of its Order dated 21 December 2018, the NCLT has inter alia directed the Central Government to serve notice on Income Tax Authority, Securities and Exchange Board of India (SEBI), any other concerned statutory/ regulatory bodies and any other person concerned, and file affidavit of service in this respect. The NCLT has provided the Respondents time to file their replies, and the matter is now listed on 01 January 2019.
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