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The latest update is out from Punj Lloyd Ltd. ( (IN:PUNJLLOYD) ).
Punj Lloyd Ltd has moved a step closer to revival under new ownership, with the liquidator executing a sale certificate that transfers the company as a going concern to Adani Infra (India) Ltd, the successful bidder in its liquidation process approved by the National Company Law Tribunal. As part of the transition, Adani Infra has proposed three additional directors—Vipin Goel, Kattunga Srinivasa Rao and Rajeev Pal—whose appointments have been cleared by the liquidator under powers vested by the insolvency code.
Concurrently, the liquidator has formally recorded the discharge of the suspended board led by Atul Punj, marking a significant governance reset for the debt-laden engineering contractor. The shift in control and board composition is expected to reshape Punj Lloyd’s strategic direction, potentially stabilising operations and offering greater clarity to creditors and other stakeholders following a prolonged insolvency process.
More about Punj Lloyd Ltd.
Punj Lloyd Ltd is an Indian engineering and construction company operating in the infrastructure and energy sectors. The firm has historically focused on large-scale projects in oil and gas, power, and civil infrastructure, serving both domestic and international markets, but has been undergoing insolvency proceedings under Indian bankruptcy law.
Current Market Cap: 748.4M INR
See more insights into PUNJLLOYD stock on TipRanks’ Stock Analysis page.