Jaypee Infratech appoints Devang Pravin Patel as CFO; to delist company shares from bourses
Suraksha Group, has appointed Devang Pravin Patel as its Chief Financial Officer (CFO) and will also delist its shares from stock exchanges. The appointment has been made with effect from June 8, 2024, according to a recent regulatory filing.
Suraksha Group, which has taken control of Jaypee Infratech ltd (JIL) after approval from the appellate tribunal NCLAT last month, will delist JIL from stock exchanges.
The Board of Directors has fixed June 21, 2024, as the Record Date for determining the names of the shareholders to whom the exit price will be paid for the purpose of delisting and subsequent extinguishment of issued equity shares of the company.
However, the shares issued to Suraksha Group (Successful Resolution Applicant) in terms of the approved resolution plan will not be extinguished.
Suraksha Group has infused Rs 125 crore equity fund in JIL, as part of its resolution plan to settle banks' dues and complete 20,000 unfinished flats across various projects in Delhi-NCR.
Earlier this month, Mumbai-based Suraksha Group took control of JIL by constituting a three-member board.
The takeover followed the National Company Law Appellate Tribunal (NCLAT) decision on May 24, upholding Suraksha Group's bid to acquire JIL.
The NCLAT had directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers' compensation.
Sudhir V Valia, promoter of Suraksha Group, has been appointed as a Non Executive Director on the JIL board.
Aalok Champak Dave
