Peninsula Land Limited has informed the Exchange regarding Appointment of Amyn Jassani as Non- Executive Independent Director of the company w.e.f. August 06, 2025.
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Peninsula Land's board approved its Q1 FY26 (June 2025) results along with several governance changes. Standalone revenue rose to Rs 3,684 lakhs from Rs 3,003 lakhs a year ago, but the company posted a loss after tax of Rs 242 lakhs versus Rs 248 lakhs last year. Consolidated loss widened sharply to Rs 585 lakhs from Rs 193 lakhs. The board flagged a major concern: NCLT has initiated insolvency proceedings against joint venture HIPDPL, exposing the company to Rs 9,615 lakhs (standalone) / Rs 9,184 lakhs (consolidated) in investments and loans, and auditors issued a qualified review report on recoverability. Rajeev A. Piramal and Nandan A. Piramal (both promoter family) were re-appointed as MD and Whole Time Director for five years from October 26, 2025, subject to shareholder approval. Amyn Jassani, a former Big Four audit professional with 30+ years of experience, was appointed as an additional Non-Executive Independent Director for five years. A new Secretarial Auditor (Shivam Sharma & Associates, 5-year term) and Internal Auditor (Aneja Assurance, FY26) were also appointed.
Shareholders should note the widening consolidated loss and the significant NCLT-driven uncertainty over Rs 90+ crore of exposure in a joint venture, which could lead to future impairments. The continued re-appointment of promoter-family leadership signals stability at the top, while the addition of a seasoned Big Four audit veteran as independent director may strengthen board oversight.