Mumbai, July 23 (IANS) Ahead of its proposed initial public offering (IPO), Juniper Green Energy Limited has, through an addendum to its Draft Red Herring Prospectus (DRHP) filed with SEBI on July 9, disclosed pending litigation involving the company, its subsidiaries, promoters, directors and key managerial personnel.
The draft papers disclosed that it is involved in a material civil litigation amounting to Rs 104.40 million, while its subsidiaries face criminal and civil proceedings involving more than Rs 749 million.
It also faces six tax proceedings against it involving an aggregate amount of Rs 3.71 million, according to the draft papers.
The filing showed that Juniper Green Energy’s subsidiaries have a higher litigation exposure. The subsidiaries are involved in two criminal proceedings and two material civil litigations with an aggregate amount of Rs 707.19 million.
In addition, there is one criminal proceeding, one statutory or regulatory action, and two material civil litigations against the subsidiaries involving Rs 42.29 million.
The DRHP also discloses legal proceedings involving the company’s promoters, directors and key managerial personnel.
According to the DRHP, the company and its subsidiaries are involved in legal proceedings, claims and litigation arising in the ordinary course of business.
These include matters pending before various courts, tribunals and statutory authorities involving the company, its subsidiaries, promoters, directors and key managerial personnel.
“We have been and continue to be involved in legal proceedings, claims and other litigation that arise in the ordinary course of business,” it stated.
“Individuals and interest groups may sue to challenge the issuance of a permit for our renewable energy projects,” the firm said in its DRHP.
There is one criminal proceeding against the promoters involving Rs 1.95 million, while one criminal proceeding has been initiated by a director and another criminal proceeding is pending against a director, also involving Rs 1.95 million.
The filing further states that the company’s key managerial personnel are involved in two criminal proceedings initiated by them, although no monetary amount has been specified.
The company warned that unfavorable judgments, monetary damages, injunctions, or the denial or revocation of project permits could have a material adverse impact on its business, cash flows, financial condition and results of operations.
It also noted that settlements of claims could adversely affect its financial performance.
–IANS
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