Suraksha Group Assumes Control of Jaypee Infratech Ltd, Appoints New CFO

Jaypee Infratech Ltd, now controlled by Mumbai-based Suraksha Group, appointed Devang Pravin Patel as CFO and will delist from stock exchanges. Suraksha Group, sanctioned by NCLAT, fixed June 21, 2024, as Record Date for shareholder exit. Suraksha infused Rs 125 crore equity fund to complete 20,000 flats and settle bank dues.

Jaypee Infratech Ltd, under the helm of Suraksha Group, has named Devang Pravin Patel as its new Chief Financial Officer (CFO) and is set to delist from stock exchanges.

The appointment, effective June 8, 2024, was revealed in a recent regulatory filing.

Following the National Company Law Appellate Tribunal (NCLAT) approval last month, Suraksha Group will officially delist Jaypee Infratech Ltd. The Board of Directors has marked June 21, 2024, as the Record Date to determine exiting shareholders eligible for payouts. Meanwhile, shares issued to Suraksha Group, as part of the approved resolution plan, will remain intact.

Suraksha Group has injected Rs 125 crore equity into JIL to address bank dues and complete 20,000 unfinished flats across various Delhi-NCR projects. The takeover, solidified by Suraksha Group constituting a three-member board, followed the NCLAT's May 24 ruling, which also mandated an additional Rs 1,334 crore payment to Yamuna Expressway Industrial Development Authority (YEIDA) as compensation to farmers.

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