Bharat Road Network arm gets relief from Delhi HC on NHAI Notice for suspension of toll collection

12 Jan 2022 , 12:01 PM

Bharat Road Network Limited informed the exchanges Tuesday that Delhi High Court has granted an ad interim ex-parte stay on the operation of the Notice of National Highways Authority of India NHAI to its wholly-owned subsidiary Solapur Tollways Private Limited (STPL).

STPL had received a Notice from NHAI for suspension of Concessionaire’s right to collect toll fees and other revenues for a period of six months w.e.f. January 7, 2022. During the said suspension period, NHAI shall act on behalf of the Concessionaire and collect necessary fees and revenue in accordance with the Concession Agreement.

“In this connection, please note that on an application moved by STPL, the Hon’ble Dehi High Court has, vide its Order dated 10th January, 2022, granted an ad interim ex-parte stay on Operation of the said Notice of NHAI.

Nevertheless, there is no loss caused / impact as the toll collection was not suspended by the NHAI’s Notice, but intended to be allocated towards capex expenditure,” company said in a filing on Tuesday.

At around 12.05 pm, Bharat Road Network Ltd was trading at Rs32.20 per piece down by Rs0.25 or 0.77% from its previous closing of Rs32.45 per piece on the BSE.