To avoid conflict with developers, NHAI may alter contract wording Posted on 17th November 2017 |
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| The National Highways Authority of India (NHAI) is understood to be considering a change in wording of future contracts to avoid conflicts with road developers, such as the ongoing cases in which it has barred companies from bidding for future projects. NHAI’s executive committee held a meeting with the National Highway Builders Federation (NHBF) on Thursday during which NHAI agreed to consider NHBF’s suggestion to reconsider replacing the word “termination” with “cessation” or other similar words or phrases. In the ongoing case of developers who have been listed as defaulters and barred from bidding for future projects, the issue arose because developers had to invoke the termination clause, thereby getting themselves blacklisted by NHAI. PC Grover, director-general, NHBF, told FE that the NHBF has already presented NHAI with concession agreements of metro projects and model concession agreements of projects with agencies such as World Bank and the Japanese International Cooperation Agency (JICA). “NHAI has now asked us for specific points which we will study and present to them in a few days. Different words and phrases can be used to better cover eventualities other than to call it a termination of contract and take things to their extremities,” Grover said. Companies which are on the debarred list include L&T, HCC and Essel Infraprojects, among others. With respect to these ongoing cases, NHAI has asked the road builders to procure an order stating why they should not be debarred from future projects. The HCC toll project concerned, namely Raiganj Dalkhola Highways, has been delayed for six years due to land acquisition delays. The alleged termination is undergoing an adjudication or conciliation process. L&T IDPL, a subsidiary of L&T, also “terminated” a concession for the Pimpalgaon Nashik Gonde project due to force majeure events arising from law and order issues, as per provisions of the concession agreement, after completing the project. L&T had said earlier that the termination cannot be treated as a concessionaire event of default. This case, too, is sub-judice as it is under arbitration/conciliation. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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