Punj Lloyd - Updates
20/08/2019 16:22
Punj Lloyd Limited has informed the Exchange regarding 'Disclosure under Clause 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015Dear Sir/Madam,Pursuant to Clause 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we hereby inform you that the following Bank Guarantees (BG??s) were given by Punj Lloyd Limited (hereinafter referred to as ??the Company) to GAIL (India) Ltd. (hereinafter referred to as GAIL) in respect of the Dhamra ?? Angul Pipeline Project, awarded to the Company.The details of BG??s are as follows:1) Performance Bank Guarantee : Rs.27,61,12,040.30 Issued by State Bank of India2) Advance Bank Guarantee : Rs.15,18,61,622.17 Issued by Union Bank of India3) Advance Bank Guarantee : Rs. 15,18,61,622.00 Issued by State Bank of IndiaGAIL 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, State Bank of India had remitted the amount of BG mentioned against Sl. No. 1 and 3 amounting to Rs. 42,79,73,662.30 /- (Rupees Forty Two Crores Seventy Nine Lakh Seventy Three Thousand Six Hundred Sixty Two and Paisa Thirty Only) The Company has obtained stay in respect of Advance Bank Guarantee mentioned at Sl. No. 2 above. The Company is also considering all further available legal avenues in this regard.This is for your information and record.'.