Annual Secretarial Compliance Report for the year ended March 31, 2025
IL&FSTRANS · price
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The Company Secretary (KDA & Associates) filed the Annual Secretarial Compliance Report for IL&FS Transportation Networks Ltd for FY 2024-25, flagging multiple SEBI LODR non-compliances. NSE levied several fines for delayed/non-filing of financial results under Regulation 33 (amounts ranging from Rs 17,110 to Rs 2,71,400 across quarters) and for non-compliance with Regulations 52 and 54 relating to debt securities (fines up to Rs 3,79,960). BSE imposed similar fines under Reg 33 and Reg 34. The company has not paid interest on Non-Convertible Debentures, has not redeemed NCDs, and has not paid dividend on cumulative redeemable preference shares for FY 2024-25, though it states it made interim distribution payments to NCD holders. The board lacks a woman director and required independent directors (waived by NCLT order dated April 26, 2019). Reasons cited: NCLAT moratorium order of October 15, 2018 on the IL&FS group, and the NCLT-ordered recasting of FY 2013-2018 financials. The NCLT in March 2025 approved revision of FY 2018-19 and FY 2019-20 financials, after which the company says it will resume preparing results.
Continued regulatory non-compliance keeps the stock under exchange surveillance, with repeated penalties adding to costs. Shareholders and NCD/preference shareholders remain in limbo pending the IL&FS group resolution plan and final payouts; the underlying business is still effectively frozen by the moratorium.