Jaiprakash Associates was ordered to return 858 acres to Jaypee Infratech
The Board has also approved re-appointment of Sunil Kumar Sharma as Executive Vice-Chairman for 3 years with effect from March 18, 2019
Total income also declined to Rs 17 bn during April-June period of 2018-19 fiscal from Rs 26.02 billion in the corresponding period of the previous year
Prior to this, it had directed JAL to deposit 10 billion, in addition to Rs 7.5 billion already deposited
JP Associates has said it has been able to "tie up appropriate financial arrangement
The firm also sought to consider its revival proposal, saying it has been completing 500 houses per month
The stock has moved higher by 15% to Rs 22, extending its Thursday's over 15% surge on the NSE, after Rare Enterprises has purchased 30 million shares from open market.
Jaypee Associates has to deposit the Rs 1.25 billion by January 25
JAL, which deposited Rs 425 crore with the apex court registry so far, had to deposit Rs 125 crore by December 31 and wanted a two-month extension
Firm deposits Rs 275 cr with apex court, asked to deposit another Rs 150 crore on December 14 and and Rs 125 crore on December 31
There would be no change in the shareholding pattern of the transferor company
In a BSE filing, the company said the proposal was approved by the shareholders as over 85% of votes were polled in favour
JP Associates has tanked 15% to Rs 15.90 in intra-day trade, extending its Monday's nearly 9% decline on BSE.
During the day, it jumped about 20% to Rs 30.40
JP Associates, Priya,Goa Carbon, Rasandik Engg, ITL Ind and Integrated Financial up between 90%-127%
The stock hit a fresh 52-week high of Rs 18.60, rallied 99% from Rs 9.34 on May 24.
Group flagship spared insolvency process, Jaypee Infratech to be referred to NCLT
The land bank will be liquidated at a later date, the lenders decided at a meeting on Thursday
Jaypee Group has been struggling to meet its debt servicing and payment obligations for the past several quarters due to its deteriorating financial health
After the debt-ridden group raised the sale value of 21.2 mtpa cement assets to Aditya Birla Group firm UltraTech