Road construction takes place near the IL&FS building, in Mumbai, India. (Photographer: Abhijit Bhatlekar/Bloomberg News)

IL&FS Transportation Delays Q2 Results Citing NCLT Proceedings

IL&FS Transportation Networks Ltd., part of the troubled IL&FS group, on Thursday cited National Company Law Tribunal insolvency proceeding as the reason for the delay in filing their September-ended quarter financial results with the stock exchanges. The company, however, said it will declare quarterly numbers at the earliest.

As per the listing norms with the stock exchanges, companies are required to file results on a quarterly basis within 45 days from the end of the quarter.

The newly-appointed board of IL&FS is in the process of preparation of roadmap and its subsequent submission to NCLT, which will require IL&FS Transportation Networks Ltd. to undertake divestment, restructuring and/or consolidation of its assets... which will have an impact on the accounting and financial aspects of ITNL.
IL&FS Transportation Networks in its filing.

"The aforesaid has resulted in a delay in finalising and submission of financial results for the September quarter," it said.

The company also said the accounting systems and the drives in which financial data was stored was unavailable to it for many weeks as the same was in custody of investigative agencies.

ITNL said that it was in the process of reviewing the financial accounts for the quarter ended September and will submit it "at the earliest”.

Also read: India's Top Gas Utility Mulls Buying IL&FS Wind Assets

The company requested the Bombay Stock Exchange to not take action against it for the delay in submission of its results.

The Mumbai bench of the NCLT had on Oct. 1 suspended the board of IL&FS on government's plea and had authorised reconstitution of the board by appointing seven directors two days later.

Later, the National Company Law Appellate Tribunal stayed all proceedings against IL&FS and its 347 group firms till a further order.

Also read: IL&FS Board Invites Bids For Two Subsidiaries After IndusInd Deal Falls Through