VPRPL Joint Venture Receives Court Order Regarding Bikaner Railway Station Contract
Vishnu Prakash R Punglia Limited (VPRPL) has confirmed that the joint venture, VPRPL-KSIPL BKN JV, has secured a Court Order concerning the contract for the Major upgradation of Bikaner Railway Station, located in the Bikaner Division of North Western Railway.The news follows the company's prior intimation regarding the termination notice received from North Western Railway related to the contract, which had been awarded to the joint venture. VPRPL-KSIPL BKN JV received the Court Order bearing SB Civil Writ Petition No. 10651/2026, issued by the High Court of Judicature for Rajasthan, Jodhpur.
The primary material development conveyed by the Court Order is that the bank guarantee furnished by the joint venture shall not be en-cashed until the next date of hearing.
The company has undertaken legal remedies by filing a Writ petition and a stay application in the Rajasthan High Court, Jodhpur, requesting the quashing of the order rescinding the contract and restraining the department from encashing the Bank Guarantee.
The details of the communication received from the High Court of Judicature for Rajasthan, Jodhpur, are presented below:
| Particulars | Details |
|---|---|
| Type of Communication Received | Court Order |
| Authority | High Court of Judicature for Rajasthan Jodhpur |
| Date of Receipt | 14-05-2026 |
| Material Content Summary | The bank guarantee furnished by VPRPL-KSIPL BKN JV shall not be en-cashed till the next date of hearing. |
| Proposed Monetary Liability | Forfeiture of Performance Guarantee by encashment of Bank Guarantee worth INR 191.215 million and Security Deposit of INR 8.257 million. |
| Expected Financial Implication | With the Hon'ble Court Order staying the encashment of Bank Guarantee, the financial implication is 'NIL'. |
| Action Taken by Company | The Company filed a Writ petition and stay application, resulting in an order from the department refraining from encashing the Bank Guarantee till the next hearing. |
Vishnu Prakash R Punglia Limited stated that the company continues to pursue legal remedies through the Rajasthan High Court.
VPRPL Stock Price Movement
Shares of Vishnu Prakash R Punglia Limited today slipped by 0.98% to settle at ₹40.21. The equity traded on a total volume of 246,229 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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