Punj Lloyd asked to pay $26 million to IFC

Infrastructure major Punj Lloyd has been asked to pay $26 million to International Finance Corporation. The order was passed by the High Court of Justice, Queen's Bench Division, Commercial Court, UK. In addition to 26 million the summary assessment costs amounting to GBP 75000 has been added to the claim awarded to IFC. No details of this case has been disclosed to the media however in a filing to the BSE Punj Lloyd has said that the company is considering various legal options and will initiate appropriate steps WRT the order passed.  

Punj Lloyd Group is a diversified international conglomerate offering EPC services in Energy and infrastructure along with engineering and manufacturing capabilities in the defence sector. Shares of the company closed 0.50 per cent up at Rs 20.25 apiece on BSE.