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.