Intimation under Regulation 30 of the SEBI (LODR).
Awaiting price reaction for this filing.
YEIDA had cancelled allotment of 1,085 hectares of land in Sector 25 along the Yamuna Expressway to Jaiprakash Associates in February 2020 over non-payment of dues. The Allahabad High Court upheld this cancellation on 10 March 2025. The company's Resolution Professional has now filed a Special Leave Petition in the Supreme Court, which was heard on 7 April 2025. The Supreme Court issued notice to the respondents (returnable from 13 May 2025) and specifically asked YEIDA to clarify how it would address existing mortgage/security interests created with financial institutions on the said land. The company has stated that the financial impact of the order is not ascertainable at this stage. The fact that a Resolution Professional is acting on behalf of the company indicates ongoing insolvency proceedings, with National Asset Reconstruction Company Ltd. also appearing as a respondent.
Negative for shareholders - the company has already lost the land allotment at the High Court level, and the outcome at the Supreme Court remains uncertain. With the company under insolvency proceedings and now facing loss of a large land parcel, recovery prospects for shareholders remain weak. Watch the next hearing in the week of 13 May 2025.