Jyoti Structures announced that the Company has been going through financial difficulty.

One of the Lenders i.e. State Bank of India had filed application for initiation of corporate insolvency resolution process (“CIRP”) of the Company as per the provisions of the Insolvency and Bankruptcy Code (“IBC”) before the Hon'ble National Company Law Tribunal, Mumbai bench (“NCLT”) which was admitted by the NCLT vide its order dated 04 July 017 (“CIRP Order”). Pursuant to the CIRP Order, the management of the affairs of the Company has been vested in Vandana Garg, the interim resolution professional of the Company (“IRP”) appointed by the NCLT with effect from 12 July 2017 (i.e. the date on which the NCLT Order was uploaded on NCLT website or the date of appointment of IRP).

Further, in terms of Section 17(1)(b) of the IBC, the Board of Directors of the Company have been suspended w.e.f. 12 July 2017 and functions of the Board of Directors is being exercised by the IRP as per the provisions of the IBC.

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Jyoti Structures announced that Kalpesh Kilani, Director of the Company has resigned with effect from 23 June 2017.

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Net Loss of Jyoti Structures reported to Rs 730.39 crore in the quarter ended March 2017 as against net loss of Rs 67.97 crore during the previous quarter ended March 2016. Sales declined 71.94% to Rs 207.68 crore in the quarter ended March 2017 as against Rs 740.02 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 1482.73 crore in the year ended March 2017 as against net loss of Rs 500.82 crore during the previous year ended March 2016. Sales declined 65.91% to Rs 849.66 crore in the year ended March 2017 as against Rs 2492.43 crore during the previous year ended March 2016.

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Jyoti Structures will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve the audited financial results for the quarter and financial year ended 31st March, 2017.

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