The Securities and Exchange Board of India (SEBI) has imposed penalty of Rs 10 lakh on Infrastructure Leasing & Financial Services (IL&FS). The penalty is for not disclosing price sensitive information, pertaining to fund raising via rights issue and asset disinvestment plan to the BSE.
IL&FS had not disclosed the decision of its board meeting held in July last year about equity infusion plan by way of rights issue, amounting to Rs 4,500 core to the stock exchange. Besides, the company failed to make disclosure about board's decision related to specific asset disinvestment plan to reduce the overall debt by Rs 30,000 crore to the exchange.
IL&FS Transportation Networks (ITNL) is a road development arm of infrastructure development and finance major IL&FS.
