Jaiprakash Associates Limited has informed the Exchange about Corporate Insolvency Resolution Process-Voting Results
Awaiting price reaction for this filing.
Jaiprakash Associates, which is currently under Corporate Insolvency Resolution Process (CIRP), disclosed voting results from its 17th CoC meeting held on July 8, 2025, with e-voting conducted between July 17–20, 2025. All 21 resolutions were approved by creditors, each receiving between 85.88% and 87.47% votes, well above the 66% threshold required. The approved items include related party transactions worth crores — such as Project Management Consultancy fees to Jaypee Infra Ventures for a hydro power project in Bhutan, helicopter charter costs to Himalyaputra Aviation, software and IT services from JIL Information Technology, and inter-company advances to several Jaypee group entities. The CoC also approved re-appointment and remuneration of three directors (Manoj Gaur at ₹2.14 crore, Pankaj Gaur at ₹1.46 crore, and Naveen Kumar Singh at ₹1.28 crore per annum), whose powers remain suspended during the insolvency process. The filing is signed by the Resolution Professional, Bhuvan Madan, confirming that the company continues to be managed under IBC rather than by its board.
This is a routine procedural update from the ongoing insolvency process and is unlikely to move the stock. However, the continued flow of large related-party payments to Jaypee group entities during CIRP and substantial director remuneration (despite suspended powers) may raise governance questions among shareholders and creditors watching the resolution process.