Prior to the board's approval, Desai's term as CEO was to end on December 16.
However, the company had posted consolidated revenue of operations of Rs 11.69 crore in the second quarter of the current fiscal from Rs 11.61 crore previous year, according to a regulatory filing.
The company, whose current liabilities at the end of the previous fiscal exceeded the current assets by Rs 6,174.16 crore, has submitted a debt resolution proposal to the lenders which is under consideration, according to Gammon India's Annual Report 2018-19.
The standalone revenue from operations in the October-December period increased to Rs 27.33 crore from Rs 5.68 crore in the year-ago period, Gammon India said in a filing to BSE.
According to sources, the firm is sitting on non-performing assets (NPAs) of Rs 7,000 crore and as part of the proactive measure the leader of the consortium has informed the authorities about the passport details.
"Special Resolution pursuant to Section 186 of the Companies Act, 2013 to invest/acquire by way of purchase or otherwise up to 20 per cent of the equity shares of Gammon Infrastructure Projects Limited from its wholly-owned subsidiary Gammon Power Limited.
The company had approved to sale of upto 30 percent of equity shares of Gammon Infrastructure Projects held through its wholly owned subsidiary Gammon Power.
Infosys | Tata Power | Ambuja Cements | Siemens | Glenmark Pharma | Granules | Nestle | IDBI Bank | Mahindra & Mahindra | Indo Gulf | Gammon India | REC and Ashok Buildcon are stocks, which are in the news today.
The firm had clocked a net loss of Rs 119.06 crore for the corresponding quarter of the 2015-16 fiscal.
It had posted a net profit of Rs 553.2 crore in the corresponding quarter of previous fiscal, Gammon India said in a BSE filing.It had posted a net profit of Rs 553.2 crore in the corresponding quarter of previous fiscal, Gammon India said in a BSE filing.
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Infra stocks like NCC, IRB Infra, HCC, Man Infra and Gammon India to get astro support, says Satish Gupta of Astrostocktips.
The total orderbook of Gammon India now stands at Rs 18,000 crore including back log of Rs 12,000 crore, says Senior Vice President, KL Srinivasan.
The company has been awarded the project by National Highways Authority of India (NHAI) for four laning of Hospet - Bellary - Karnataka / AP border on NH-63 in the state of Karnataka.
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