Peninsula Land Limited has informed the Exchange regarding Appointment of M/s. Aneja Assurance Private Limited as an Internal Auditor of the Company for the financial year 2026-2027
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Peninsula Land Limited held its Board meeting on May 29, 2026, approving multiple items. Financially, the company reported FY2026 standalone revenue of Rs 14,125 lakhs (down from Rs 24,165 lakhs in FY2025) and a net loss of Rs 15,368 lakhs (vs. loss of Rs 2,527 lakhs), driven mainly by an exceptional item of Rs 14,025 lakhs representing full impairment of loans to subsidiaries and joint ventures. This impairment is linked to the Corporate Insolvency Resolution Process (CIRP) initiated against JV entity HIPDPL (in which Peninsula holds exposure of Rs 10,200 lakhs), which is currently under appeal in the Supreme Court. The board also appointed M/s. Aneja Assurance Private Limited as Internal Auditor for FY 2026-2027, re-appointed Mr. Pawan Swamy as Independent Director for a second 5-year term from November 11, 2026 (subject to shareholder approval), and re-designated Mr. Nandan A. Piramal (son of Chairperson Ms. Urvi A. Piramal and brother of MD Mr. Rajeev A. Piramal) from Whole-time Director to Joint Managing Director (subject to shareholder approval, no change in remuneration). The statutory auditor gave an unmodified opinion on the financials.
The large net loss and exceptional impairment provision reflect ongoing stress in the company's investment portfolio and JV exposures, particularly the HIPDPL CIRP. The re-designation of a promoter family member to a higher role consolidates family control at the executive level, which may raise governance concerns for minority shareholders.