Lloyds Engineering Works Limited announced the termination of its monitoring agency agreement with India Ratings & Research Private Limited, effective February 3, 2026. The agreement, originally dated November 13, 2024, pertained to monitoring the utilization of proceeds from a rights issue. The termination, due to disagreement on commercial terms, does not materially impact the company’s operations or financial standing.
Termination of Agreement
Lloyds Engineering Works Limited has terminated its monitoring agency agreement with India Ratings & Research Private Limited, according to a company announcement released on February 4, 2026. The monitoring agency agreement was initially established on November 13, 2024.
Reason for Termination
The termination of the monitoring agency agreement is attributed to disagreements in commercial terms between Lloyds Engineering Works Limited and India Ratings & Research Private Limited. This agreement was related to the monitoring of the utilization of funds raised through the company’s rights issue.
Impact on Company Operations
The company has stated that the termination of this agreement is not expected to have a material adverse impact on its operations or financial condition. Lloyds Engineering Works Limited will appoint a new monitoring agency within the statutory timelines and will continue to ensure full compliance with applicable regulations related to monitoring the utilization of the rights issue proceeds.
Future Steps
Lloyds Engineering Works Limited plans to appoint a new monitoring agency in due course, adhering to the prescribed statutory timelines. The company remains committed to maintaining compliance with all relevant regulatory requirements.
Source: BSE
