UK Court orders Punj Lloyd to pay USD 26 mn to IFC

A UK court has asked infrastructure major Punj Lloyd to pay USD 26 million to International Finance Corporation (IFC) for their claims.
Punj Lloyd in a filing to the BSE today said, "The company is considering various legal options and shall take appropriate steps in respect of such order."
"The company and its subsidiary, Punj Lloyd Upstream Limited (PLUL) have been ordered to pay by the High Court of Justice, Queen's Bench Division, Commercial Court, UK sum of USD 26,173,659.16 (plus summary assessment costs amounting to GBP 75000), to IFC, towards their claims," the filing said.
The company however did not disclose details of the case.

Punj Lloyd has posted a net loss of Rs 467.99 crore on standalone basis for the March quarter on sharp decline in income.
For the entire year, its net loss on consolidated basis stood at Rs 2,245.34 crore after taxes, minority interest and share of profit/loss of associates as against Rs 1,141.11 crore in 2014-15.
Punj Lloyd Group is a diversified international conglomerate offering EPC services in Energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.
Shares of the company closed 0.50 per cent up at Rs 20.25 apiece on BSE.