Punj Lloyd CEO, CFO resign; Shiv Punj appointed additional director

Infrastructure major Punj Lloyd on Friday said its group Chief Executive Officer (CEO) Jayaram Prasad Chalasani and Chief Financial Officer (CFO) Shamik Roy have resigned from the company.

The company, however, did not disclose any information about their successors.

"Jayaram Prasad Chalasani has resigned from the company from the position of managing director and group CEO with effect from March 31, 2016," the Gurgaon-headquartered firm said in a regulatory filing.

The filing further said, "Shamik Roy has resigned from the company from the position of CFO with immediate effect."

Punj Lloyd also said Shiv Punj, son of company Chairman Atul Punj, has been appointed as additional director of the company with immediate effect.

Prior to his appointment as additional director, Shiv was working as manager (Business Strategy & Corporate Development) and was reporting to the managing director and group CEO under Commercial Leadership Programme, it added.

The diversified group offers EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.

For the October-December quarter, Punj Lloyd saw its net loss widening to Rs 300 crore from Rs 148 crore in the year-ago period on account of decreased income and delay in award of projects.

Total income from operations declined to Rs 1,008 crore during the third quarter this fiscal against Rs 1,278 crore in the same quarter of 2014-15 fiscal.