Outcome of Board Meeting held on June 01, 2026 inter alia for consideration and approval of Audited Financial Statements for the year ended March 31, 2020.
Awaiting price reaction for this filing.
Punj Lloyd's board approved the audited (standalone and consolidated) financial statements for FY ended March 31, 2020, filed with a significant delay due to the company's ongoing insolvency proceedings. The auditor (Kashyap Sikdar & Co.) issued a qualified opinion citing multiple issues: inventory not valued at lower of cost or NRV, no impairment assessment of property/plant, unreconciled statutory balances, unreconciled operational creditor claims, and inability to obtain bank/receivable balance confirmations. Revenue from operations fell to Rs 1,411.88 crore from Rs 1,675.58 crore (about 16% decline), and the company reported a net loss of Rs 844.84 crore. Net worth is fully eroded at negative Rs 13,843 crore with current liabilities (Rs 15,855 crore) grossly exceeding current assets (Rs 1,534 crore). The auditor flagged material uncertainty on going concern status, though financials are prepared on a going concern basis since Adani Infra (India) Ltd was declared successful bidder in the e-auction and its acquisition plan was approved by NCLT in February 2026.
The company has been acquired by Adani Infra (India) Ltd on a going concern basis per the NCLT-approved acquisition plan, with liabilities to be settled under that plan. Existing shareholders face near-total equity wipeout given the deeply negative net worth of Rs 13,843 crore. While the Adani takeover provides operational continuity, the stock is unlikely to see meaningful recovery for minority shareholders.