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    HomeNewsBusinessCompaniesIL&FS rejects La-Fin's arbitration plea, HC hearing on Fri

    IL&FS rejects La-Fin's arbitration plea, HC hearing on Fri

    In the last hearing, La-Fin had proposed arbitration between the two parties to the dispute. The offer was initially welcomed by IL&FS, but on Monday the offer was rejected by IL&FS. Matter will now be heard on Friday.

    July 15, 2013 / 18:03 IST

    The tussle between IL&FS and La-Fin over performance of the buyback agreement of 2009 saw some headway. In the last hearing, La-Fin had proposed arbitration between the two parties to the dispute.

    Though, the offer was initially welcomed by IL&FS, but on Monday the offer was rejected by IL&FS. However, eager to resolve the issue La-Fin has proposed conciliation.

    La-Fin is expected to submit a proposal for settlement before Friday. IL&FS filed this suit in the Bombay HC after La-Fin expressed difficulty in honoring the buyback agreement that the parties entered in 2009, with IL&FS picking up 44 million shares of MCX-SX. La-fin has cited the MIMPS regulations, which do not allow the promoters to hold more than 5 percent in MCX-SX. Matter will now be heard on Friday.

    first published: Jul 15, 2013 06:03 pm

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