 |
| Image Source: Internet |
New Delhi, India (Metro Rail Today): Major victory of Reliance Infrastructure on Thursday. They won a four year battle for control of money from an arbitration award. Supreme Court upheld an arbitral award which went in its favour.
A bench of Justices L Nageswara Rao and S Ravindra Bhat upheld the May 11, 2017, award to Delhi Airport Metro Express Pvt.Ltd and set aside the January 15, 2019, order of the Delhi High Court division bench which partly set aside the arbitral award. The award is worth Rs 4,600 crore. Reliance's lawyers had said before the top court that the firm will use the money to pay lenders. A detailed copy will be uploaded on the supreme court website, later.
In 2008, Reliance Infrastructure's unit had entered into a contract with Delhi Metro Rail Corporation (DMRC). The contract was for running the city rail project till 2038.
Ambani's firm stopped operating the Delhi Airport Metro Project in 2012.They stopped the operation due to disputes over fee and operation. The firm initiated an arbitration case against the DMRC alleging violation of contract and requested a termination fee.
Since the decision, shares of investors of Reliance Infra went up, because Reliance is seeing increase of more than 5 per cent. Today the company's stock has come down to Rs 74.15. Whereas the shares of the company started at Rs 72.
0 Comments