Jaypee Infratech Ltd (JIL), now under the control of the Mumbai-based Suraksha Group, has appointed Devang Pravin Patel as its new Chief Financial Officer (CFO). The appointment, effective from June 8, 2024, was disclosed in a recent regulatory filing.

The Suraksha Group, which recently assumed control of JIL following approval from the appellate tribunal NCLAT last month, has also announced plans to delist the company’s shares from stock exchanges. This strategic move is part of the group’s broader restructuring and revitalization plan for JIL.

The decision to appoint Devang Pravin Patel as CFO is expected to bring new financial leadership and strategic direction to JIL during this critical transition period. Patel brings with him a wealth of experience in financial management and restructuring, which will be instrumental as the company navigates through its current phase of transformation.

The delisting of JIL shares is a significant step, aiming to streamline operations and focus on long-term growth without the regulatory complexities associated with being a publicly traded entity. This move is seen as a way to consolidate the company’s financial position and provide more flexibility in executing its business strategies.

Suraksha Group’s takeover of JIL marks a new chapter for the real estate and infrastructure company, which has faced financial difficulties in recent years. The group’s intervention is aimed at stabilizing the company’s finances, completing stalled projects, and ultimately restoring confidence among stakeholders.

“We are committed to revitalizing Jaypee Infratech and ensuring its sustained growth and success. The appointment of Devang Pravin Patel as CFO and the decision to delist from stock exchanges are pivotal steps in our comprehensive strategy to achieve these goals,” stated a spokesperson from the Suraksha Group.

The delisting process will involve a structured buyback of shares from the current shareholders, ensuring that the transition is conducted in an orderly manner. Shareholders will be provided with all necessary information and options as the delisting procedure unfolds.

The real estate market will be closely watching these developments, as JIL’s restructuring and Suraksha Group’s strategic decisions could set a precedent for other companies in similar situations. The focus will now be on how effectively the new leadership can steer the company towards stability and growth.

With the new CFO in place and a clear strategic plan, Jaypee Infratech Ltd is poised to embark on a journey of recovery and progress, aiming to fulfill its commitments and regain its standing in the industry.