Gayatri Projects News

NCLT Approves ₹2,400 Crore Settlement Plan for Gayatri Projects

The National Company Law Tribunal's Hyderabad bench approved a ₹2,400 crore one-time settlement plan by Gayatri Projects' promoters to resolve ₹8,100 crore dues to lenders led by Canara Bank. The promoters, including T Subbarami Reddy and his family, will pay ₹750 crore in fund-based exposure and cover bank guarantee invocations. With 97% of lenders voting in favor, the promoters have 90 days to complete payments. The settlement includes ₹750 crore from promoters, ₹450 crore from arbitration claims, and ₹45 crore for bank guarantee commissions. Promoters have already deposited ₹115 crore, with remaining payments through asset monetization and investor funds. Seven of 13 collateral properties will be released for sale. This represents a 30% recovery for lenders after a three-year resolution process that began in November 2022, following failed attempts to find a buyer.

Gayatri Projects Limited Announces Major Board Restructuring with New Chairman and Multiple Director Appointments

Gayatri Projects Limited announced significant changes to its Board of Directors and key management positions. The company appointed Mr. T. Sandeep Kumar Reddy as Chairman and Managing Director, and Ms. T. Sarita Reddy as Executive Director. Three new Independent Directors were appointed: Mr. P.V. Narayana Rao, Mr. C.V. Rayudu, and Mr. Srinivas Iduri. Mr. N. Seshagiri Rao was named as the new Chief Financial Officer. The changes also included resignations of Mrs. T. Indira Reddy as Chairperson and Director, and J. Brij Mohan Reddy as Executive Vice Chairman and Director. These decisions were approved by the Board of Directors during their meeting.