Jaiprakash Associates Completes Major Transactions and Restructures Capital as Resolution Plan Moves to Effective Date

Jaiprakash Associates Completes Major Transactions and Restructures Capital as Resolution Plan Moves to Effective Date​

Jaiprakash Associates Limited (JAL) announced key operational and structural changes following the Monitoring Committee's meeting on May 21, 2026, marking the advanced implementation of the Approved Resolution Plan. The meeting facilitated the consummation of major sale transactions, approved a significant allotment of equity shares to Adani Infra India Limited (AIIL), and finalized the company’s capital structure.

During the proceedings of the fourth Monitoring Committee (MC) Meeting held on May 21, 2026, the company reported that the sale transactions with Adani Power Limited and Adani Ports and Special Economic Zone Limited were consummated on the same date. This marked the effective date of the transactions as stipulated under the Approved Resolution Plan.

Corporate Restructuring and Share Allotment​

The MC also approved major corporate restructuring measures integral to the Resolution Plan. Firstly, the committee approved the allotment of equity shares of the Company to Adani Infra India Limited (AIIL) and its nominees.

The details of the allotment, which involves a private placement, are as follows:


Following the allotment of these shares, the Monitoring Committee further approved the cancellation and extinguishment of the entire existing issued, subscribed, and paid-up share capital of Jaiprakash Associates Limited, encompassing both equity and preference share capital. This cancellation applies to all capital that is not issued and allotted to Adani Infra India Limited and its nominees on the effective date.

Governance and Board Appointment​

In terms of governance changes, the MC took note of the cessation and termination of the directorships of the suspended directors of the Company. Subsequently, the committee approved the appointment of a reconstituted board of directors.

The newly constituted board consists of:

• Mr. Kattunga Srinivasa Rao (CEO of Adani Infra India Limited)
• Mr. Vipin Goel (CFO of Adani Infra India Limited)
• Mr. Rahul Bawa (Senior Vice President of Adani Infra India Limited)

The newly appointed directors are noted as not being part of the erstwhile promoter group of the Company.

Implementation Status and Delisting​

Finally, the MC took on record the comprehensive implementation of the Approved Resolution Plan. Key steps noted during the process included:

• Deposit of payments made to the Designated Fund Account for onward payments to stakeholders.
• Approval for the issuance of equity shares to Adani Infra India Limited on a private placement basis.
• Transfer of shares of Jaiprakash Power Ventures Limited and Prayagraj Power Generation Company Limited to Adani Power Limited.
• Approval for the conversion of various debts, including unsecured Admitted Non-Class FC Debt, balance Admitted OC Debt, balance Admitted Other Creditor Debt, balance Admitted Workmen Debt, and balance Admitted Employee Debt, into equity shares.

The meeting concluded with the members taking note of the delisting of the Company’s shares, effective from the date of the meeting, in accordance with the Approved Resolution Plan.