Companies

Promoter takes Prajay Engineers to NCLT

Our Bureau Hyderabad | Updated on April 13, 2018 Published on March 01, 2018

A promoter of Prajay Engineers Syndicate has dragged the company to the National Company Law Tribunal. The Hyderabad-based construction, realty and hospitality company, in a regulatory announcement, has informed BSE that one of its promoters has taken the company to the Hyderabad branch of NCLT, without further elaborating on the reasons for such a move by a promoter.

The company, which had closed last financial year ended March 31, 2017, with a turnover of ₹ 56.74 crore and loss of ₹ 19 crore, had been finding the going tough due to some litigations with the land where it took up projects.

This had delayed payments leading to pressure on the company finances.

Published on March 01, 2018
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