Punj Lloyd FY24 results filed, auditor gives qualified opinion, Adani Infra acquisition approved
Awaiting price reaction for this filing.
Punj Lloyd board on June 01, 2026 approved audited FY24 financial results. Statutory auditor Kashyap Sikdar and Co issued a qualified opinion citing unreconciled statutory balances, no NRV assessment of inventories, no impairment review of PPE, unconfirmed overseas branch records, and alleged misappropriation at Thailand branch and theft at Oman branch. Company was admitted to CIRP in March 2019 and ordered into liquidation in May 2022. Adani Infra emerged as successful bidder in e-auction and its acquisition plan was approved by NCLT in February 2026.
Adani Infra acquisition plan approved by NCLT signals change of control. Existing shareholders face likely dilution given eroded net worth, accumulated losses and qualified audit.