Annual Secretarial Compliance Report for the year ended March 31, 2026
IL&FSTRANS · price
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The secretarial compliance report reveals extensive non-compliance issues for IL&FS Transportation Networks Ltd for FY 2025-26. The company, part of the debt-stressed IL&FS group, has not prepared financial statements since FY 2019-20 due to ongoing NCLT-approved recasting of financials from FY 2013-14 to FY 2019-20. This has resulted in non-compliance with multiple SEBI LODR regulations including Regulations 33, 34, 47, 52, 54, and 61. Both BSE and NSE have imposed cumulative fines exceeding Rs. 30 lakh for non-submission of quarterly financial results and annual reports. The board lacks Independent Directors and Woman Directors due to NCLT exemption granted in April 2019. The company has not paid interest on Non-Convertible Debentures and has not maintained 100% security cover for NCDs, though interim distributions are being made to creditors as per the resolution plan.
The stock remains highly distressed with ongoing regulatory non-compliances. Investors should note that the company is operating under NCLT monitoring, financial reporting is delayed by several years, and significant debt defaults persist despite interim payment arrangements.