Mumbai, July 23: Ahead of its proposed Initial Public Offering (IPO), Juniper Green Energy Limited has submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The document includes an addendum detailing pending legal cases involving the company, its subsidiaries, promoters, directors, and key managerial personnel.
According to the DRHP, Juniper Green Energy is facing a significant civil lawsuit amounting to ₹10.44 crore (approximately $1.04 million). Additionally, its subsidiaries are entangled in criminal and civil cases exceeding ₹74.90 crore (over $7.49 million). The company is also dealing with six tax cases totaling ₹37.1 lakh (around $3.71 million).
The document reveals that the legal burden is heavier on the subsidiaries, which are facing two criminal cases and two major civil lawsuits amounting to ₹70.72 crore (approximately $7.07 million). Furthermore, there is one criminal case, one statutory or regulatory action, and two other significant civil lawsuits totaling ₹4.23 crore (around $42.29 million).
The DRHP also discloses legal matters involving the company’s promoters, directors, and key managerial personnel. Juniper Green Energy stated that it and its subsidiaries are involved in various legal disputes, claims, and lawsuits arising from normal business activities. These cases are pending in different courts, tribunals, and statutory authorities.
The company noted that individuals or interest groups may file lawsuits challenging permits related to its renewable energy projects. According to the document, there is a criminal case pending against the promoters amounting to ₹19.5 lakh (approximately $1.95 million). Additionally, a criminal case initiated by one director and another criminal case against a different director, both amounting to ₹19.5 lakh, are also pending.
The DRHP mentions two criminal cases initiated by the company’s key managerial personnel, although no financial amounts are specified for these cases.
Juniper Green Energy has warned that adverse decisions in these matters could lead to substantial penalties, court injunctions, or the cancellation or rejection of project permits. Such outcomes could significantly impact the company’s business, cash flow, financial position, and operational results. The company also indicated that settlements of these cases could affect its financial performance.
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