Vishnu Prakash R Punglia Limited has informed the stock exchanges of a court order received from the High Court of Judicature for Rajasthan, Jodhpur, in connection with a railway contract termination matter. The disclosure was made on 14-05-2026 under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and follows an earlier intimation dated 13-05-2026 regarding a termination notice from North Western Railway.

Background: Railway Contract Termination

The matter pertains to a contract for the major upgradation of Bikaner Railway Station of Bikaner Division of North Western Railway, awarded on an EPC basis to the joint venture VPRPL-KSIPL BKN JV, in which Vishnu Prakash R Punglia Limited is a partner. Following the issuance of a termination notice by North Western Railway, the joint venture pursued legal recourse by filing a writ petition along with a stay application in the Rajasthan High Court, Jodhpur. The petition sought quashing of the order rescinding the contract and restrained the department from encashing the bank guarantee.

Court Order Details

The joint venture received a court order bearing SB Civil Writ Petition No. 10651/2026 from the High Court of Judicature for Rajasthan, Jodhpur. The key details of the communication are summarised below:

Financial Implications

The potential monetary liability arising from the termination notice included the forfeiture of a performance guarantee through encashment of a bank guarantee worth INR 191.215 million and a security deposit of INR 8.257 million. However, with the Rajasthan High Court's order staying the encashment of the bank guarantee, the company has stated that the expected financial implication on the listed entity is NIL at this stage. The stay remains in effect until the next date of hearing.

Regulatory Disclosure

The disclosure was made by Managing Director Manohar Lal Punglia (DIN: 02161961) in compliance with applicable regulatory requirements and for the information of stock exchanges and stakeholders. The company has stated that the above information is being disclosed to ensure transparency with all relevant parties as the legal proceedings continue.

Vishnu Prakash R Punglia Limited has announced a significant fund raising initiative, with its Board of Directors approving plans to raise up to INR 300 crores through various equity instruments. The decision was made during a board meeting held on May 01, 2026, marking a strategic move for the engineering, contracting, and design company.

Fund Raising Details

The board approved raising the target amount through multiple funding mechanisms, providing flexibility in execution. The fund raising structure encompasses various instruments and methods as outlined in the official board meeting outcome:

Board Meeting Information

The board meeting was conducted on Friday, May 01, 2026, with the proceedings spanning two hours. The meeting commenced at 04:30 P.M. and concluded at 06:30 P.M., during which the directors deliberated and approved the fund raising proposal. The company formally communicated the outcome to both BSE Limited and National Stock Exchange of India Limited.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement follows prior intimations dated April 28, 2026, demonstrating the company's adherence to regulatory timelines and transparency requirements. The official communication was signed by Company Secretary Nitisha Jain and submitted to both stock exchanges.

Company Profile

Vishnu Prakash R Punglia Limited operates as an ISO 9001: 2015 certified company in the engineering, contracting, and design sector. The company maintains its corporate office in Jodhpur, Rajasthan, while its registered office is located in Mumbai, Maharashtra.

Next Steps

Vishnu Prakash R Punglia Limited indicated that it will make additional disclosures as and when specific details of the fund raising are finalized. The company emphasized that the execution remains subject to obtaining necessary regulatory and statutory approvals, including shareholder consent where required. The flexible structure allows the management to choose the most appropriate combination of funding methods based on market conditions and strategic considerations.