Punj Lloyd takes legal step against PTT on cancelling contract

NEW DELHI; Engineering and construction firm Punj Lloyd today said it has initiated legal action to protect its interest after Thailand's PTT Public Company has terminated a pipeline contract awarded to it.

The company, however, has not disclosed the contract size in monetary terms as well as the reasons for termination.

"The Company has initiated the legal process to protect its interest fully," it said in a filing to the BSE.

Punj Lloyd also termed the termination as unlawful saying, "It believes that the action of the Client is unlawful and not in accordance with the contract."

The contract was awarded for laying of fourth transmission pipeline by PTT Public Company Ltd, Thailand.

The shares of the company closed at Rs 26.30 apiece, down 0.75 per cent from the previous close on the BSE today.