Business Standard
Wednesday, May 30, 2012
drived banner
drived banner
  Advanced Search
RSS
Content Guide
Follow us on  
||Companies & Industry||||||| 
 Section Home | News Now | Today's Paper | Q&A | People in the News | Industry News | Features | The Compass | Research & Analysis | Opinion | Corporate Results
Home > Companies & Industry Live Markets | Commodities
 

NHAI fines Gurgaon-Delhi expressway operator
Mihir Mishra / New Delhi Jan 17, 2010, 00:03 IST

The National Highways Authority of India (NHAI) has levied a fine of Rs 1 crore on DSC Ltd, the company that built and operates the 28-km Delhi Gurgaon Expressway.

“The authority has imposed a fine of Rs 60 lakh for delay in completion of items listed in the punch list and another Rs 40 lakh for not paying the revenue share on time,” said a source in the ministry.

A punch list contains items a concessionaire has to complete within 120 days after provisional commercial operation of the project begins. The limit for completion of items on the list can be further extended by 180 days.

As for the Rs 40 lakh fine for delay in sharing revenue, the method was specified in the project agreement. If vehicle numbers crossed 120,000 a day, half the extra revenue earned was to be shared with the highways authority. The payment was to be made by the 7th of every month, which the company had delayed.

“If the company does not pay the money (fine), it would be taken from the escrow account (from where all liabilities are paid),” the source added.

A spokesperson for the company confirmed having got the notice and said they were reviewing it. But, said the fine was Rs 80 lakh, not Rs 1 crore.

“In terms of the concession agreement, the punch list attached with the provisional completion certificate was to be completed within a period of 120 days and this period could be extended for a further period of 180 days, with a penalty of Rs 2 lakh per week,” he said.

“We have received a demand of around Rs 60 lakh from the independent consultant (NHAI). Further, we have also received a demand of around Rs 20 lakh from the independent consultant towards interest for certain delays which had taken place in payment of revenue sharing with NHAI,” he added. The Delhi-Gurgaon expressway had been rapped in a parliamentary committee probe for breach of many safety features.

New Ipad Application :Business Standard's all new IPad App
Click here to download for free
Arrow Other Stories     
- Markets end lower ahead of May F&O expiry
- Parsvnath posts Rs 23 cr loss in Q4
- Educomp net down 57% at Rs 61 cr in Jan-Mar qtr
- DLF Q4 net plunges 39% to Rs 211 cr
- Provogue Q4 net profit down 71% at Rs 1.81 cr
  Read Business news in 
- India's no. 1 Property Site. Click here to know more
- "Discover The Power of One"
- Journey on, We are by Your Side. Click here to know more
- Help a Child Achieve her. Click to know more
- Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol.
- The Best Seller is Also the No. 1 in Mileage. Click here
- Watch The Film Here. Click here to know more..
- Leader in Passenger Car & Automobile Tyres. Click here
- Learn How One City is Running on FOOD SCRAPS.
- 1 billion in saving for Unilever without any tangles.
- A Brand New Server at a Price That Fits Your Budget. Click here
- One Partnership Endless Possibilities. Click here to know more
- Helping doctors detect diseases earlier, saving costs & extending lives.
- 36 Lakhs can get you a pool of Luxuries. Click here
- Which is the best plan for your daughter
- Check out the TRUE COLOURS of your Stocks, Now for FREE!
- One of the leading business schools in the world.Know More
- 2 Lac Apartments, 1 Lac House / Plots. Click here
Sorry, comments to this story are closed
Latest Messages
Table for Two
  Now available at Special price
  Rs.280/- Only

  Buy Now
BS POLL
UPA 2 has completed three years. How do you rate its performance?  Read the story
  Good
  Average
  Bad
Submit
Most Popular
Read
E-Mailed
Commented
   
- Striking Air India pilots have no rights to be trained: HC
- KBC 6 gets record registrations
- SBI to rework structure in circles
- UPDATE: NDA calls for Bharat Bandh on May 31
- Foreign investor norms eased to accelerate capital inflows
 
 More  
Tax Shastra
  Now available at Special price
  Rs. 360/- Only

  Buy Now
 
  Member Area Write to the Editor RSS Archives Advanced Search
  Subscribe to BS print product BS e-paper Newsletter Portfolio Tracker
  BS Products BS Hindi BS Motoring BS Books
Home | Markets & Investing | Companies & Industry | Banking & Finance | Economy & Policy | Opinion
Life & Leisure | Management & Marketing | Tech World | General News
About Us | Partner With Us | Code of Conduct | Careers | Advertise with us| Terms & Conditions | Disclaimer | Contact Us