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
20 November, 2017 17:06 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
Zydus Cadila gets nod for Ethacrynate Sodium for injection - 20-Nov-2017 10:02
Larsen & Toubro bags order worth Rs 86.50 bn - 20-Nov-2017 09:45
Tata Communications joins hands with The European Tour - 17-Nov-2017 10:27
Hinduja Ventures enters into agreements to hike stake in HLFL - 17-Nov-2017 10:23
Cipla receives final approval for generic Pulmicort Respules - 17-Nov-2017 10:16
Tata Power raises Rs 15 bn on private placement basis - 17-Nov-2017 10:09
Indian Navy signs contract with Tata Power for supply of PDDS - 17-Nov-2017 10:06
ICICI Bank, Paytm tie-up to offer short term instant digital credit - 17-Nov-2017 10:00
Wipro launches industry-specific solutions on SAP Leonardo - 17-Nov-2017 09:56
Infosys in collaboration with ATP launches Second Screen - 17-Nov-2017 09:52
Tata Motors joins hands with Energy Efficiencies Services - 16-Nov-2017 12:31
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