Reliance Infrastructure English news | Reliance Infrastructure, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

Delhi Metro Rail Corporation (DMRC) has filed a fresh affidavit in Delhi High Court furnishing details of all the bank accounts and funds worth Rs 6,208 crores lying in those accounts.According to the affidavit, DMRC has Rs 6,208 crores in its various bank accounts as of January 3, 2022.The Reliance Infrastructure subsidiary, Delhi Airport Metro Express Pvt Ltd (DAMEPL) has filed an application in the Delhi High Court on January 7 stating that the DMRC in contempt, has failed to comply with the last order of the court passed on December 22 that had directed DMRC to make full disclosure of their all bank accounts and the funds lying in those accounts within one week.The application by DAMEPL is in response to DMRC's affidavit filed on January 5 in which it has made a partial or limited disclosure of its bank accounts only with respect to Rs 1,642.69 crores out of the total funds of Rs 5,800.93 crores that it had disclosed in the court through its last affidavit filed on December 21, 2021.DAMEPL in its application states that DMRC has intentionally not provided details of its remaining funds and bank accounts, which is clearly disregard and contempt of the Delhi HC order.DAMEPL says the conduct of DMRC clearly exhibits that it is deliberately trying to defeat and delay the execution process of the Arbitral Award, and also ensure that the next hearing scheduled on January 11 becomes ineffective.The delay in the payment of the Arbitral Award by DMRC is costing the taxpayer an additional interest burden of almost Rs 1.75 crores per day.According to the DAMEPL, DMRC in its last affidavit filed on December 21 in the Delhi High Court, had informed that it had total funds worth Rs 5,800.93 crores, as of December 17, 2021. Out of this, Rs 1,642.69 crores were classified as DMRC funds, Rs 2,412.12 crores as Project funds, and balance Rs 1,746.12 crores as other than DMRC funds.DAMEPL, in its application, has requested Delhi HC to direct DMRC to comply with the Court's previous order in letter and spirit and furnish complete details of all its bank accounts and the funds lying in those accounts along with the respective bank statements, on or before the next date of hearing i.e. January 11.The Supreme Court (SC), on September 7, 2021, had upheld the arbitration award of Rs 7,200 crores in favour of DAMEPL.DAMEPL then filed an execution petition in the Delhi HC on September 12, 2021, seeking the court's directions to DMRC for honouring the SC order and paying Rs 7,200 crores to the company. DMRC, out of Rs 7,200 crores, has so far paid Rs 1,000 crores.The bench of Justice Suresh Kumar Kait on the last date of hearing had noted the submission of DMRC informing the court that it has 1642 crore in their bank account. After taking note, the bench directed DMRC to file an affidavit having details of its bank accounts along with the balance amount.Earlier, DMRC had informed the Delhi High Court that it agreed to deposit Rs 1,000 crore in an escrow account and sought more time to compute the payable amount in the arbitral dispute with Reliance Infrastructure's Delhi Airport Metro Express Pvt Ltd (DAMEPL).In 2008, DAMEPL had entered into a contract with DMRC for running the airport metro line till 2038.As disputes arose between the parties, DAMEPL stopped operating the metro on the airport line and invoked the arbitration clause against DMRC alleging violation of contract, and sought a termination fee.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Reliance InfrastructureFOLLOW

Reliance infrastructure, Latest News

After facing years of setbacks, Anil Ambani’s fortunes are now finally changing. Canara Bank on Thursday informed the Bombay ... ...

Reliance Infrastructure shares jumped 5% to hit the upper circuit at Rs 404.05 on Wednesday after its subsidiary, Reliance ... ...

In a significant move reflecting its ongoing financial revival, Anil Ambani-led Reliance Infrastructure Ltd announced that it has fully ... ...

Businessman Anil Ambani is reviewing a recent Securities and Exchange Board of India (SEBI) directive that imposes a fine ... ...

New Delhi, June 5 "It is with immense sorrow and a heavy heart that I extend my deepest ... ...

New Delhi, Jan 4 The DMRC on Wednesday notified the high court that the Delhi government is not ... ...

New Delhi, Feb 25 In line with its commitment towards green and sustainable practices, BSES Yamuna Power Limited ... ...

Delhi Metro Rail Corporation (DMRC) has filed a fresh affidavit in Delhi High Court furnishing details of all the bank accounts and funds worth Rs 6,208 crores lying in those accounts. ...