In a first of its kind in India, the High Court of Calcutta on March 20 2012 passed an interim injunction restraining Fitch Ratings from publishing a rating downgrade. The downgraded bonds were issued by Srei Infrastructure Finance Limited in 2010 and amounted to a total of Rs2.5 billion ($48.5 million). In respect of these bonds, Srei approached the High Court for an injunction, seeking to prevent publication of the downgrade.
April 30 2012