The Delhi High Court ordered ICRA Ltd., an Indian independent investment information and credit rating agency, to restrain from deciding any matter related to the credit rating of India Bulls Housing Finance ltd. on its website or giving effect to it until 06.04.2020.
The order was passed in response to the petition filed by India Bulls Housing Finance Ltd. seeking a restraining order against ICRA from downgrading the credit rating of India Bulls as the said downgrading would have serious negative impact on the financial standing of the petitioner.
Rajiv Nayyar, senior counsel for the petitioner further stated that due to the emergent like situation as a result of COVID-19 pandemic, the petitioner was unable to furnish the information asked for by ICRA. He also informed about the advisory dated 30.03.2020 issued by SEBI that provides relaxation from compliances due to COVID-19 pandemic and the moratorium permitted by RBI.
The court ordered the petitioner to intimate both ICRA and the Security Exchange Board of India about the said order and the issuance of notice.
Justice Sanjeev Sachdeva in the present case stated as follows, “In the meantime, respondent No.2 is restrained from uploading any decision with regard to the credit rating of the petitioner on its website or giving effect to it till the next date of hearing”.
The next hearing of the present case has been decided to be on 06.04.2020 via video conferencing.