Vishnu Prakash R Punglia Limited has received a full judgment from the High Court of Judicature for Rajasthan, Jodhpur, staying the encashment of its bank guarantee for 45 days. The order pertains to a contractual dispute with North Western Railway regarding the major upgradation of Bikaner Railway Station.

The company’s joint venture, VPRPL-KSIPL BKN JV, had previously received termination notices from the railway department on May 13 and May 14, 2026. The court order, pronounced on August 17, 2026, and received on August 19, 2026, maintains the status quo as of July 21, 2026, for a period of 30 days from the date of pronouncement.

Key Court Order Details

The judgment grants the petitioner liberty to avail appropriate and efficacious remedies before the competent forum. Vishnu Prakash R Punglia Limited stated it would file a petition before the competent forum as per the liberty granted by the court.

Financial Implications

The encashment of the performance guarantee and security deposit is stayed for the specified 45-day period. However, the company clarified that the performance guarantee and security deposit are already encashed, meaning there is no further financial implication at this stage. The company noted that the fresh tender process by the department cannot be decided at this stage, as no letter of award was issued up to July 21, 2026. This temporary stay prevents immediate financial outflow related to the forfeiture of guarantees while legal proceedings continue.

Vishnu Prakash R Punglia Limited has cancelled the Board of Directors meeting scheduled for Monday, July 13, 2026, due to unavoidable circumstances. The company informed the stock exchanges that the gathering, which was previously intended to consider raising capital through the issuance of warrants on a preferential basis, will not proceed as originally planned.

The intimation was submitted to BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Vishnu Prakash R Punglia Limited stated that it would notify the exchanges in due course regarding the rescheduling of the meeting, if any, in accordance with applicable regulations.

In a separate disclosure, the company noted that the trading window for dealing in its securities remains closed. This restriction applies to all designated persons of the company, including their immediate relatives, in accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company's internal Code of Conduct.

The closure of the trading window is a continuation of a previous intimation dated June 29, 2026. It will remain in effect until the expiry of 48 hours after the declaration of the financial results for the quarter ended June 30, 2026. This measure is intended to ensure compliance with regulatory standards regarding insider trading during sensitive periods.

Vishnu Prakash R Punglia Limited, an ISO 9001: 2015 certified company, operates as an engineer, contractor, and designer. The corporate office is located in Jodhpur, Rajasthan, while its registered office is situated in Andheri (East), Mumbai.