Both the National Company Law Tribunal and High Court of Gujarat was pleased to dispose of the matter and accordingly the said legal matters now stands closed.
Sadbhav Infrastructure Projects gained nearly 5 percent in morning on Tuesday after the amicable settlement between company, promoter and Montecarlo.
The company informed exchanges that ongoing litigation amongst the company, Sadbhav Engineering Limited on the one side and Montecarlo Limited on the other have arrived at amicable settlement.
Hence, both the National Company Law Tribunal and High Court of Gujarat was pleased to dispose of the matter and accordingly the said legal matters now stands closed, it said.
In addition, the company said National Highways Authority of India (NHAI) has declared December 14, 2018 as appointed date for its subsidiary Sadbhav Jodhpur Ring Road Private Limited in accordance with the Concession Agreement dated February 6, 2018.
The project is of four laning of Dangiywas to Jajiwal section Package-I (design length 74.619 km) of Jodhpur Ring Road (in principally declared national highway) in Rajasthan under NI-IDP Phase-VII.
The cost of this road project stands at Rs 1,069.82 crore, which has construction period of 730 days from the appointed date and operation period is 15 years from commercial operation date.At 09:44 hours IST, the stock was quoting at Rs 104.85, up Rs 4.85, or 4.85 percent on the BSE.