PSP Projects Limited — Others, 20-12-2024: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

PSP Projects has filed a petition in the Hon’ble Commercial Court, Lucknow, concerning the wrongful termination of its construction contract for the PAC Mahila Batallion project by the Superintendent Engineer, Bareily, without following due process. The petition seeks interim reliefs, including staying the termination order, allowing the completion of the project, and preventing the invocation of a performance bank guarantee of Rs. 8.04 crores. Although the financial implications remain unclear, the company emphasizes that the termination could lead to significant losses if not addressed. This situation may create some uncertainty for investors, but the proactive steps taken could also signal management's commitment to uphold their contractual rights.