Punj Lloyd Limited has informed the Exchange about Corporate Insolvency Resolution Process : With reference to the above captioned subject we hereby submit the soft copy of the 31st Annual General Meeting Notice and Annual Report for the financial year 2018 - 2019 as per Regulation 34(1) of SEBI (LODR) Regulations, 2015
Awaiting price reaction for this filing.
Punj Lloyd Limited has submitted its 31st Annual General Meeting Notice and Annual Report for the financial year 2018-2019 to the stock exchange, as required under SEBI Listing Regulations. The filing is happening in the backdrop of the company being under the Corporate Insolvency Resolution Process (CIRP). The annual report covers FY 2018-19, which is likely to reflect the financial stress leading to or coinciding with the insolvency proceedings. CIRP typically follows an NCLT admission order under the Insolvency and Bankruptcy Code.
This signals serious financial distress for shareholders. Under CIRP, equity shareholders are usually the last in the priority list for any recovery and often face significant dilution or wipeout as lenders and new resolution applicants take control of the company. The stock is likely to remain volatile and heavily impacted.