Intimation under Regulation 30 of the SEBI LODR
Awaiting price reaction for this filing.
Jaiprakash Associates has informed stock exchanges about the Supreme Court's interim order dated 19 May 2025 in its SLP challenging YEIDA's cancellation of 1,085 hectares of land allotted in Sector 25, Sports City, Greater Noida. The Allahabad High Court had earlier upheld YEIDA's 12 February 2020 cancellation order. The Supreme Court allowed YEIDA and the Committee (formed under the High Court order) to continue their work, but ruled that no decision taken by them can be implemented without the Supreme Court's permission. The Court also directed the Resolution Professional (RP) to share full details of homebuyers and the company with YEIDA/Committee upon written request. The next hearing is scheduled for 29 July 2025. The financial impact of this order is currently not ascertainable.
The interim order offers some relief to shareholders as it prevents YEIDA and the Committee from implementing any adverse decisions without Supreme Court approval, buying time for the company during its ongoing insolvency process. However, the underlying land cancellation and insolvency status remain unresolved, keeping significant uncertainty around the company's assets and recovery prospects.