PNC Infratech Limited and its two special purpose vehicles (SPVs) have moved to the Delhi High Court, challenging the disqualification order issued by the Ministry of Road Transport & Highways (MoRTH).
What Happened: As per a regulatory filing, PNC Infratech, PNC Khajuraho Highways Private Limited, and PNC Bundelkhand Highways Private Limited have sought a stay on the MoRTH order. The order, issued on October 18, 2024 barred these companies from participating in any tender processes of the Ministry for a year.
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The firms have urged the Delhi High Court to issue ad-interim orders to suspend the effect, operation and implementation of the disqualification order until the writ petitions are disposed of. This MoRTH order was issued following a personal hearing regarding an FIR and chargesheet filed by the Central Bureau of Investigation, AC III, New Delhi.
Despite the MoRTH order, PNC Infratech has assured that the ongoing development, construction, operations and maintenance activities of the company and its subsidiaries will not be affected. However, the impact on other activities, if any, will be evaluated and intimated accordingly.
Price Action: Shares of PNC Infratech earlier plunged fell 20% to ₹366.80 and hit a lower circuit in the bourses.
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