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Infrastructure firm Punj Lloyd said on Saturday that its net loss was Rs.1,465 million for the quarter from July to September of the current fiscal year
.
Total operating income declined to Rs. 766.89 crore in the second quarter, up from Rs. 1,086 crore earlier, Punj Lloyd said in a BSE document
. Its short-term liabilities exceeded its current badets and its net worth also eroded as at September 30, 2018.
"Current conditions indicate that there is significant uncertainty that casts significant doubt on the ability of the company to continue operating. […]"said Punj Lloyd.
Most Indian lenders have clbadified the company as non-performing badets and some of them have filed claims in the National Corporate Law Tribunal (NCLT) and the Debt Collection Tribunal ( DRT) for the recovery of contributions.
"The Company has submitted to its lenders a proposal to restructure its debt.The restructuring is essential for the company to continue its activities and its ability to realize its badets and to discharge its liabilities. The restructuring proposal is being reviewed by the lenders, "he said.
"The management is confident and hopes that the company's restructuring proposal will be approved," the president added. Mr. Lloyd said that to improve operational efficiency, he was taking a number of steps, including monetizing his badets.
"and long-term liabilities and enhance its net worth through profitable operations and continue its operations.Therefore, the financial results were prepared on a business continuity basis," said Punj Lloyd.
He also stated that Atul Punj had been renamed chairman and director and chief executive officer of the group.
Rakesh Amol – appointed as General Manager (Business Improvement and Strategy – New Businesses).
(This story was not edited by Business Standard staff and is generated automatically from a syndicated feed.)
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