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, 2023.
Awaiting price reaction for this filing.
Punj Lloyd Ltd's Board approved audited financial statements for FY23, though the filing is delayed (FY23 results released in June 2026). The statutory auditor, Kashyap Sikdar & Co., issued a Qualified Opinion citing multiple issues: NRV of inventories not determined, no impairment assessment of property/plant/equipment, unreconciled statutory balances (VAT/GST/TDS), unreconciled employee expenses and creditor claims, and no bank balance confirmations. The auditor explicitly flagged material going concern uncertainty — net worth is fully eroded at negative Rs. 17,043.53 crores, current liabilities (Rs. 18,490.26 cr) massively exceed current assets (Rs. 1,174.42 cr), and the company is under NCLT liquidation since May 2022. Revenue declined ~12% to Rs. 799.99 crores; net loss was Rs. 273.02 crores (improved from Rs. 1,640.50 crores). Cash losses stood at Rs. 247.29 crores. Adani Infra (India) Ltd was declared successful bidder in the e-auction and its acquisition plan was approved by NCLT on Feb 12, 2026. The Thailand branch reported cheque misappropriation, and IDBI Bank has classified the company's account as fraud.
Existing equity shareholders are effectively wiped out given the massively negative net worth and the fact that Adani Infra has acquired the company through the IBC liquidation process — shareholders hold near-worthless paper. The stock is of limited investment interest as the business has been taken over by Adani Infra under court-approved terms; any remaining trading is purely residual. The delayed FY23 audit filing and multiple audit qualifications highlight serious historical governance and accounting failures.