Innovision Ltd faces ₹1.6 Cr Performance Security forfeiture by NHAI

Innovision Ltd has received a letter from the National Highways Authority of India (NHAI) approving the forfeiture of ₹1,60,00,000/- (Rupees One Crore Sixty Lakh only) of its Performance Security. This action is due to alleged excess collection of User Fee through Electronic Toll Collection at the Diengpasoh Fee Plaza, as indicated by a Forensic Audit. The forfeiture is imposed under Clause 18(a) of the Contract Agreement. Innovision Ltd disputes the findings and intends to file a Writ Petition challenging the forfeiture order and seeking appropriate relief. The company will provide further updates as they become available.