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| Exchange Disseminated Time 14/09/2015 15:51:49 | IL&FS Engineering and Construction Company Ltd has informed BSE that Securities and Exchange Board of India (SEBI) vide its Order dated September 10, 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 January 07, 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 Limited (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 Limited, did not felt necessary to restraint/debar IL&FS Engineering and Construction Company Ltd (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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