Man Infraconstruction gets favourable SC judgement

The construction company said it will receive Rs 357.79 crore plus accrued interest.

Shares of Man Infraconstruction were up 0.77% at Rs 85.35.

The Maharashtra state government had signed a contract with Manaj Tollway in 2013, which the latter opted out of in 2015 and invoked arbitration. On 12 December 2019, Bombay High Court (HC) passed an order finalising the consent terms. As only Rs 1 crore was paid, Manaj moved a contempt petition for non-compliance of the order. On 30 January 2020, the state deposited Rs 357 crore in HC. In March this year, the HC had rejected the government's review petition against Manaj and upheld the consent terms signed December 2019.

"The Supreme Court of India has dismissed the Special Leave Petition (SLP) filed by the Government of Maharashtra in the said matter and accordingly High Court at Bombay has, vide its order dated 14 September 2021, ordered and directed the Prothonotary and Senior Master, High Court, Bombay to forthwith release the amount deposited with it by the Government of Maharashtra to the tune of Rs. 357.79 crore plus accrued interest," the company said in a statement on 16 September 2021.

Meanwhile, Man Infraconstruction on Wednesday (15 September) announced that Man Infra Contracts LLP was appointed as a developer by Juhu Sai Darshan Co-operative Housing Society in Juhu, Mumbai to undertake redevelopment work.

Man Infraconstruction holds 70% partnership interest in Man Infra Contracts LLP. The company said it expects to generate total revenue of more than Rs 250 crores from the said project.

On a consolidated basis, net profit of Man Infraconstruction rose 1327.39% to Rs 32.83 crore on 571.20% spurt in net sales to Rs 153.37 crore in Q1 June 2021 over Q1 June 2020.

Man Infraconstruction undertakes various infrastructure projects like port infrastructure, residential constructions, commercial & institutional constructions, industrial constructions and road constructions.

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