Jaiprakash Associates Ltd

Jaiprakash Associates Q1 results: Net loss widens to Rs 1,023.44 cr

Debt-ridden Jaiprakash Associates' consolidated net loss has widened to Rs 1,023.44 crore in the first quarter of this fiscal. Its net loss stood at Rs 180.80 crore in the year-ago period. The total income rose to Rs 1,770.66 crore in April-June this fiscal from Rs 1,505.23 crore in the corresponding period of the previous year, according to a regulatory filing. Jaiprakash Associates is into cement, construction, power and real estate businesses. The company is currently facing insolvency proceedings.

Crisis-hit Jaiprakash Associates defaults on Rs 4,616 crore loans

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans worth Rs 4,616 crore, including principal and interest amount. In a regulatory filing late on Monday, Jaiprakash Associates Ltd (JAL) has informed that the company on April 30, defaulted on repayments of a principal amount of Rs 1,751 crore and interest of Rs 2,865 crore. "Total borrowing (including interest) of the company is Rs 29,805 crore, repayable by 2037, against which only Rs 4,616 crore is overdue as on April 30, 2024," JAL said. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCBs (foreign currency convertible bonds). Out of the total borrowing of Rs 29,805 crore, the company said Rs 18,955 crore will be transferred to the proposed Special Purpose Vehicle (SPV). For this, a Scheme of Arrangement duly approved by all the stakeholders, is pending for sanction of the National Company Law ...

Jaiprakash Associates to give 7.71% stake to ICICI Bank to settle part loan

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates Ltd (JAL) will give 7.71 per cent stake, worth Rs 366 crore at current market price, in the company to ICICI Bank to clear part of the outstanding loan. According to sources, ICICI bank has an exposure of around Rs 3,000 crore in JAL, which is into many businesses including cement, construction, hotels and real estate. In a regulatory filing, JAL on Tuesday informed that the company has entered into a settlement agreement with ICICI Bank and will transfer over 18.93 crore shares to the bank. "...with a view to give thrust to the ongoing efforts of the company to reduce its debt, the company, along with Trusts holding 18,93,16,992 equity shares of the company have entered into a Settlement Agreement with ICICI Bank (lender) to transfer the said shares to lender," JAL said. The share price of JAL stood at Rs 19.35 apiece on the BSE on Monday. At Monday's price, the value of 18.93 crore shares is Rs 366 crore. The ...

JP Associates inks pact with ICICI Bank, to transfer 189 million shares

Currently, JP Associates owes nearly Rs 29,000 crore to key lenders such as State Bank of India (SBI), ICICI Bank, and IDBI

Jaiprakash Associates share prices jump 12% on Adani deal reports

The Adani group, currently operating at a capacity of 70 million tonnes per annum, aims to double this figure to 140 million tonnes within the next five years

Lenders in talks to sell debt-laden Jaiprakash Associates loans to NARCL

Delay of over 5 years in debt resolution via IBC prompts the move

Jaiprakash Associates defaults on repayment of Rs 4,044 crore loans

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans worth Rs 4,044 crore, including principal and interest amount. In a regulatory filing on Friday, Jaiprakash Associates Ltd (JAL) informed that the company on June 30th defaulted on repayments of a principal amount of Rs 1,660 crore and interest of Rs 2,384 crore. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds). "The total borrowing (including interest) of the company is Rs 29,477 crore, repayable by 2037, against which only Rs 4,044 crore is overdue as on June 30, 2023," JAL said. Out of the total borrowing of Rs 29,477 crore, the company said that Rs 18,319 crore will get further reduced on transfer to the proposed Special Purpose Vehicle (SPV) for which the scheme of arrangement, duly approved by all the stakeholders, is pending sanction of National Compan

Acquisition of JP's cement capacity a good long-term move by Dalmia

After acquisition, Dalmia's capacity mix will include 52 per cent in the east, 26 per cent in the south, 16 per cent in the central region and 6 per cent in the west

SBI files 'insolvency petition' against Jaiprakash Associates in NCLT

JAL is involved in cement manufacturing, engineering and construction, expressways, real estate, hospitalities, wind/thermal power plants at various locations all over India.

NFRA flags serious lapses in statutory audit of JAL in 2017-18

Audit regulator NFRA on Friday flagged serious lapses in the statutory audit of Jaiprakash Associates Ltd (JAL) for 2017-18, including that transactions violative of accounting and auditing standards would have resulted in more than Rs 3,200 crore loss instead of a profit before tax in the particular financial year. The infrastructure company's statutory audit for 2017-18 was conducted by Rajendra K Goel & Co. In its 207-page Audit Quality Review Report (AQRR) issued on Friday, NFRA has listed out the lapses and said the audit firm failed to comply with requirements of various Standards on Auditing (SAs) and provisions of Standards on Quality Control (SQC). "The audit firm's reporting in the 'Basis of opinion' section of Independent Auditors Report is false and misleading. "The impact of the transactions violative of accounting and auditing standards, as identified in this AQRR are such that the profit before tax of Rs 351.71 crores, as reported in the financial statements, would .

Jaypee Infratech lenders to meet on Nov 18, comply with SC direction

Jaypee group firm Jaypee Infratech went into insolvency in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking resolution of the firm

Jaypee to submit plan in SC to protect stuck home buyers' interest

JAL is pleading that it should be allowed to revive JIL as its liquidation will neither be in the interest of creditors, nor in the interest of home buyers.

Independent directors - are they decision-makers?

The Companies Act provides immunity to independent directors only in exceptional cases; the recent SC decision on Jaypee is a wake-up call

Jaiprakash Associates hits 52-wk high after company turns profitable in Q1

The scrip opened at Rs 26.70 and had hit a high and low of Rs 30.40 and Rs 26.70 till now

Banks eye control of JP Associates in debt-for-equity swap: Sources

Founders of real-estate-to-road building conglomerate Jaypee Group could eventually lose control of their flagship company