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Punj Lloyd Ltd has said its Board has decided to withdraw the provision of additional financial support to its subsidiary Simon Carves Ltd, which is incorporated in England and Wales.
This, Punj Lloyd told the bourses on Thursday, has been done “as a consequence of prevailing market conditions and the financial condition of Simon Carves”.
Following the withdrawal of support, Simon Carves is likely to be placed in administration in accordance with the laws of England and Wales, the announcement said.
Subject to the legal framework, PL Engineering Ltd, a subsidiary of Punj Lloyd incorporated in India, is likely to enter into an asset purchase agreement with Simon Carves through its UK subsidiary Simon Carves Engineering Ltd (SCEL). The agreement would cover “transfer of certain assets, contracts and employees of Simon Carves to SCEL.”
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