IL&FS Engineering & Construction Co. Ltd. ( ($IN:IL&FSENGG) ) has shared an update.
IL&FS Engineering & Construction Co. Ltd. has received a Show Cause Notice from Indian Overseas Bank regarding the classification of its loan account as a suspicious fraud account. This classification stems from a forensic audit conducted by Grant Thornton India LLP, following the IL&FS crisis, which led to the classification of several loan accounts as fraud. The company is addressing its liabilities as part of a group resolution framework approved by the Hon’ble NCLAT, under the supervision of a government-appointed board.
More about IL&FS Engineering & Construction Co. Ltd.
IL&FS Engineering & Construction Co. Ltd. operates in the engineering and construction industry, providing a range of services related to infrastructure development. The company is part of the IL&FS Group, which has faced financial challenges and restructuring efforts in recent years.
YTD Price Performance: -20.53%
Average Trading Volume: 11,383
Current Market Cap: 4.72B INR
See more data about IL&FSENGG stock on TipRanks’ Stock Analysis page.