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JP Associates down as SC asks co to deposit Rs200cr

Shares of Jaiprakash Associates fell 4% today after the Supreme Court directed the company, the parent of Jaypee Infratech, to deposit Rs200cr in two installments by May 10.

The first installment of Rs100cr has to be deposited in the registry by Apr 15, and another Rs100cr by May 10.

The court also asked amicus curiae Pawan Shree Agrawal to prepare a project-wise chart of those seeking the refund. Based on the chart, the principal amount will be disbursed to them on a pro-rata basis, the court said.

Jaypee Infratech is among the 12 companies against whom the Reserve Bank of India had asked banks to file insolvency petitions.

Jaiprakash Associates Ltd is currently trading at Rs19.55 down by Rs0.45 or 2.25% from its previous closing of Rs20 on the BSE.

The scrip opened at Rs20.30 and has touched a high and low of Rs20.55 and Rs19.20 respectively. So far 7,69,72,107 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs4,864.91cr.