Deals1 Jun 2024, 12:56 am
PNC Infratech Subsidiary Receives Rs. 390.62 Crores in Settlement Agreement
AI Summary
PNC Infratech Ltd. has announced the receipt of Rs. 390,62,84,340.00 (net of TDS) by its subsidiary, PNC Kanpur Highways Limited, as per the Settlement Agreement executed on 9th May 2024. This amount is towards the 'one time settlement' under the Vivad Se Vishwas I (Contractual Disputes) Scheme of Government of India. The dispute was between PNC Kanpur Highways Limited and the National Highways Authority of India, and the settlement amount is Rs. 398,60,04,430.00.
Key Highlights
- PNC Infratech's subsidiary, PNC Kanpur Highways Limited, receives Rs. 390.62 crores in settlement
- The settlement is in accordance with the Vivad Se Vishwas I (Contractual Disputes) Scheme of Government of India
- The dispute was between PNC Kanpur Highways Limited and the National Highways Authority of India
- The settlement amount is Rs. 398.60 crores
- The amount received is net of TDS