Punj Lloyd Appoints Three Additional Directors Following Adani Infra Acquisition
Punj Lloyd Limited has appointed three additional directors - Mr. Vipin Goel, Mr. Kattunga Srinivasa Rao, and Mr. Rajeev Pal - effective March 10, 2026, following its acquisition by Adani Infra (India) Limited. The appointments were made through a board resolution passed by the liquidator under Section 34(2) of the Code. Simultaneously, the company discharged Mr. Atul Punj from the suspended board as part of the management transition under the NCLT-approved acquisition plan.
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Punj Lloyd Limited has completed a significant board restructuring following its acquisition by Adani Infra (India) Limited, with three new additional directors appointed and the discharge of suspended board members effective March 10, 2026. The appointments come after the liquidator executed a sale certificate for the company's acquisition on a going concern basis to the successful bidder.
New Board Appointments
The company has appointed three additional directors as proposed by Adani Infra (India) Limited, the successful bidder in the acquisition process. The appointments were formalized through a board resolution dated March 10, 2026, passed by the liquidator exercising powers vested under Section 34(2) of the Code.
| Director Details: | Information |
|---|---|
| Mr. Vipin Goel (DIN: 08116197) | Chief Financial Officer of Adani Infra (India) Limited since August 2016 |
| Mr. Kattunga Srinivasa Rao (DIN: 00022533) | Bachelor's degree in Mechanical Engineering, 30+ years in Power & Infrastructure |
| Mr. Rajeev Pal (DIN: 11283529) | Energy Cluster Head – Central Project Assurance Group, IIM Raipur alumnus |
| Effective Date: | March 10, 2026 |
Leadership Profiles and Expertise
Mr. Vipin Goel brings over three decades of experience in finance, accounting, and project management across large-scale infrastructure, EPC, power, roads, and renewable energy projects. As a Chartered Accountant and current CFO of Adani Infra (India) Limited, he serves as a Key Managerial Personnel with deep expertise in infrastructure finance and governance oversight.
Mr. Kattunga Srinivasa Rao holds a bachelor's degree in Mechanical Engineering and brings over 30 years of experience in the Power & Infrastructure sector. His expertise spans large-scale power projects, procurement, commercials, project management, project financials, and erection & commissioning areas.
Mr. Rajeev Pal has over two decades of experience in large-scale industrial and infrastructure projects, with specialized expertise in project assurance, plant engineering, execution governance, and project management across the energy and infrastructure value chain. He is a certified Project Management Professional (PMP®) from the Project Management Institute and an alumnus of the Indian Institute of Management, Raipur.
Board Transition Details
Pursuant to the NCLT order, the company has discharged Mr. Atul Punj (DIN: 00005612) from his position as director of the suspended board, effective March 10, 2026. This discharge was formalized through a board resolution dated March 10, 2026, as part of the management transition following the acquisition approval.
| Transition Details: | Information |
|---|---|
| Discharged Director: | Mr. Atul Punj (DIN: 00005612) |
| Reason: | Management change following NCLT-approved acquisition |
| Effective Date: | March 10, 2026 |
| Authority: | Liquidator under Section 34(2) of the Code |
Acquisition Background
The board changes follow the company's earlier intimations dated February 12, 2026 and February 13, 2026 regarding the acquisition plan submitted by Adani Infra (India) Limited and the subsequent NCLT order dated February 12, 2026. The liquidator executed the sale certificate on March 10, 2026, for the sale of the company on a going concern basis to the successful bidder.
The appointments and discharge were made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023. The company has provided comprehensive details of the new directors' profiles and qualifications as required under the listing regulations.
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