Punj Lloyd plunges as subsidiary drags UK firm to court

MUMBAI: Punj Lloyd���s wholly-owned UK based subsidiary - Simon Carves - has initiated legal case against UK based SABIC Petrochemicals.

The proceedings are aimed at seeking ���restitution, through the UK courts, worth 28.5 million Pound Sterling, in respect of performance and advance payment bank guarantees.��� SABIC has alleged that SCL failed to comple the project on time.

This allegation is strongly denied by SCL on the basis that the project is significantly complete and was on track to be fully completed in accordance with the requirements of the contract and within the relevant scheduled completion date specified in the contract with SABIC.

At 1 pm, shares of Punj Lloyd were down 19.75 per cent at Rs 110.90. The scrip fell to an intra-day low of Rs 106 in trade so far.


Earlier, Punj Lloyd announced it had bagged four new orders worth Rs 1,155 crore.