Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
18 October, 2017 11:18 IST
PVVNL terminates contract of IL&FS Engg & Construction Co
Source: IRIS | 11 Sep, 2017, 10.23AM
Comments  |  Post Comment

IL&FS Engineering and Construction Company has received letter from Paschimanhal Vidyut Vitran Nigam, Meerut (PVVNL) for termination of contract for rural electrification works (RE works) of villages of Moradabad district.

The reason given for the termination is that the company has completed work in 929 villages against scope of 1028 villages about 89% of awarded works. Client terminated the contract due to slow progress / stoppage of balance works. Whereas, the company stopped work due to payments held up by PVVNL.

The impact to the company due to the termination of the contract is Rs 46 crore bank guarantees held by client and unpaid bills of Rs 57 crore.

As per the company, the termination is illegal. Accordingly, the company is in the process of initiating legal / contractual actions against the said termination to protect its rights and entitlements in terms of the provisions of the Contract.

Shares of the company declined Rs 0.2, or 0.53%, to trade at Rs 37.60. The total volume of shares traded was 16,325 at the BSE (10.13 a.m., Monday).



IL&FS Engineering and Construction Company Limited   (Q,N,C,F)*

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Sector
Suven Life Sciences secures product patent in Singapore - 18-Oct-2017 10:42
Wipro quarterly profit climbs 6% - 18-Oct-2017 10:24
Bajaj Auto Q2 earnings fall marginally to Rs 11.93 bn - 17-Oct-2017 15:43
ACC Q3 profit soars 2.02 times to Rs 1.81 bn - 17-Oct-2017 15:15
Goodricke Group enters inks pact with Godfrey Phillips India - 17-Oct-2017 15:08
Nihar Info Global inks pact with Ibibo group - 17-Oct-2017 12:33
Aurobindo Pharma gets nod for Esomeprazole capsules - 17-Oct-2017 11:38
SSWL bags export order of caravan wheels from Europe - 17-Oct-2017 11:35
Jain Irrigation's pipe division bags order of Rs 1.78 bn - 16-Oct-2017 11:34
Bharti Airtel, Millicom conclude deal to combine ops in Ghana - 16-Oct-2017 10:21
IRB Infra's SPV achieves financial closure for NH-79 BOT project - 16-Oct-2017 10:05
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer