Punj Lloyd - Disclosure Under Clause 30 Of The SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
20/08/2019 16:22
Pursuant to Clause 30 of the SEBI (LODR) Regulations, 2015, we hereby inform you that the following BG's were given by Punj Lloyd Limited (hereinafter referred to as 'the Company) to GAIL (India) Ltd. in respect of the Dhamra - Angul Pipeline Project, awarded to the Company.

The details of BG's are as follows:

1)Performance BG : Rs.27,61,12,040.30 Issued by SBI
2)Advance BG : Rs.15,18,61,622.17 Issued by UBI
3)Advance BG : Rs. 15,18,61,622.00 Issued by SBI

GAIL had sent invocation Notice in respect of all above referred three BG's.

The Company considered this as wrongful invocation by GAIL and filed a Writ Petition in the High Court of Delhi against the Invocation of the BGs. However by the time matter was heard, SBI had remitted the amount of BG mentioned against Sl. No. 1&3 for Rs. 42,79,73,662.30 /- .
The Company has obtained stay in respect of Advance BG mentioned at Sl. No. 2 above. The Company is also considering all further available legal avenues in this regard.