Latest news with #AnilAmbani
Time of India
9 hours ago
- Business
- Time of India
SC stays Bombay HC order asking MMRDA to deposit full ₹1,169 crore arbitral award to Ambani's metro JV
Advt Advt By , ET Bureau The Supreme Court has stayed a Bombay High Court order directing the Mumbai Metropolitan Region Development Authority ( MMRDA ) to deposit the entire arbitral award of ₹1,169 crore won by Mumbai Metro One Private Ltd (MMOPL), a subsidiary of Anil Ambani 's Reliance Infrastructure, in the apex court said the HC's direction to deposit the full award amount in favour of MMOPL will remain stayed, subject to MMRDA depositing 50 per cent of the awarded amount in the High Court.A bench led by Justice Manoj Mishra sought a response from MMOPL on MMRDA's appeal against the HC's July 10 order, which refused the latter's request for an unconditional stay on the arbitral top court further clarified that the pendency of the proceedings will not preclude the HC from continuing with the hearing of the application filed by MMRDA under the Arbitration and Conciliation Act , 1996. If the HC finally decides the application in the meantime, this interim order will abide by the HC's General Tushar Mehta, appearing for the state entity, argued that the HC's condition to deposit the entire awarded amount at this stage would be unduly harsh. Therefore, it was a fit case to modify the condition imposed by the High Court while granting interim relief to the Ambani in its appeal, submitted that the HC had erred in not granting interim relief, given that the arbitral award was patently illegal and perverse, beyond the scope of the arbitration agreement, in breach of principles of natural justice, and passed without application of mind or any evidentiary basis.A majority decision of the three-member arbitral tribunal in 2023 awarded ₹992 crore plus interest to MMOPL, a special purpose vehicle (SPV) between Reliance Infrastructure (74 per cent stake) and MMRDA (26 per cent stake). The award was passed in 2023 and corrected in 2024. The JV operates Mumbai's first metro line on the Versova-Andheri-Ghatkopar Maharashtra government had in June 2006 awarded the Metro One Project to the consortium of Reliance Infrastructure and Veolia Transport SA (now Transdev Ile-de-France).Multiple disputes arose between the parties over development, design, engineering, financing, procurement, construction, operation, and maintenance of the mass rapid transit system, as well as delays in project completion. The metro rail project was delayed by over two years. MMOPL claimed project costs increased from ₹2,356 crore to ₹4,321 crore, which MMRDA the Ambani firm invoked the arbitration clause under the Concession Agreement.
Mint
a day ago
- Business
- Mint
Defence PSU Mazagon Dock board to meet on THIS date to consider Q1 results
Mazagon Dock Shipbuilders, a leading defence public-sector shipyard under the Ministry of Defence (MoD) in India, is expected to announce its financial performance for the quarter ended June (Q1FY26) on Monday, July 28, 2025. 'The Board of Directors of Mazagon Dock Shipbuilders Limited is scheduled to meet on Monday, July 28, 2025, inter alia, to consider and approve the Unaudited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2025,' the company said in its regulatory filing today. In the preceding March quarter, the company reported a 51% year-on-year (YoY) decline in consolidated net profit to ₹325 crore, compared to ₹663 crore in the same period last fiscal. However, its consolidated revenue from operations in the fourth quarter rose 2.3% YoY to ₹3,174 crore. High employee benefit and subcontracting expenses weighed on the company's operational performance in the previous quarter. Despite this, Mazagon Dock managed to surpass its full-year FY25 guidance on both revenue and margins. Also Read | Anil Ambani's Reliance Defence in pact to supply artillery shells to German firm Mazagon Dock Shipbuilders share price trend The company's share price came under pressure after hitting a new all-time high of ₹3,775 apiece in late May, correcting around 23% since then. Between March and May, defence stocks witnessed strong demand from Dalal Street investors following the launch of 'Operation Sindoor', during which India showcased the strength of its indigenously developed defence systems and successfully intercepted drones and missiles launched by Pakistan. Also Read | Mailing that Form 16 to yourself? It could trigger a corporate fraud alert Rising tensions in the Middle East, coupled with NATO's defence spending targets, also supported the rally in these domestically focused stocks. Expectations of increased defence spending by the Indian government to enhance national security and growing global demand for India's indigenously manufactured defence products have all contributed to the surge in defence stocks. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Time of India
a day ago
- Business
- Time of India
SC halts HC's Rs 1,169 crore deposit order in MMRDA–Reliance metro dispute
The Supreme Court has halted a Bombay High Court order that asked Mumbai Metropolitan Region Development Authority (MMRDA) to deposit the entire arbitral award of Rs 1169 crore that Mumbai Metro One Private Ltd ( MMOPL ), a subsidiary of Anil Ambani's Reliance Infrastructure , won in 2023. However, the apex court said that the HC direction to deposit the entire award amount favouring MMOPL will remain stayed subject to MMRDA depositing 50% of the awarded amount in the HC. A Bench led by Justice Manoj Mishra sought response from MMOPL on an MMRDA's appeal against the HC July 10 order that refused the latter's request for unconditional stay on the arbitral award. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo The top court further clarified that the pendency of the proceedings shall not preclude the HC from proceeding further with the hearing of the application filed by MMRDA under of the Arbitration and Conciliation Act, 1996 and if, in the meantime, the HC finally decided the application, one way or the other, this interim order shall abide the order passed by the HC. Solicitor General Tushar Mehta, appearing for the state entity, contended that stay condition of depositing the entire awarded amount, at this stage, would be unduly harsh and therefore, it was a fit case to modify the condition imposed by the High Court while granting interim relief to the Ambani firm. Live Events MMRDA in its appeal submitted that the HC had erred in not granting the interim relief given that the impugned award passed by the tribunal was patently illegal and perverse, beyond the scope of the arbitration agreement , in breach of the principles of natural justice and passed without application of mind and without any basis of evidence. Majority decision of a three-member arbitral tribunal in 2023 had awarded Rs 992 crore with interest to MMOPL, a SPV between Reliance Infrastructure that holds 74% stake and MMRDA that holds 26% stake. The award was passed by the tribunal in 2023, and then corrected in 2024. The JV operates Mumbai's first metro line on Versova -Andheri-Ghatkopar corridor. The Maharashtra government had in June 2006 awarded the Metro One Project to the consortium of Reliance Infrastructure and Veolia Transport SA (now known as Transdev Lle – de - France). Multiple disputes arose between the parties over development, design, engineering, financing, procurement, construction, operation and maintenance of a mass rapid transit system, besides a delay in completion of the project. The metro rail project started with a delay of over two years. MMOPL claimed that the project costs increased from Rs 2,356 crore to Rs 4,321 crores, which the MMRDA has contested. Accordingly, the Ambani firm had invoked the arbitration clause under the Concession Agreement.
Scroll.in
a day ago
- Business
- Scroll.in
SBI has classified Reliance Communications, Anil Ambani as ‘fraud': Centre tells Parliament
The State Bank of India has classified Reliance Communications and its promoter-director Anil Ambani as 'fraud' and is in the process of registering a complaint with the Central Bureau of Investigation, the Union government told Parliament on Monday. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said that the entities were classified as fraud on June 13 in accordance with the Reserve Bank of India's Master Directions on Fraud Risk Management and the Board-approved Policy on Classification, Reporting and Management of Frauds. The minister added that the SBI reported the classification to the RBI on June 24. On July 1, the telecom firm informed the Bombay Stock Exchange about the fraud classification as part of its disclosure compliance. The credit exposure of the SBI in Reliance Communications includes a fund-based principal outstanding amount of Rs 2,227.64 crore, along with an accrued interest and expenses with effect from August 26, 2016, and a non-fund based bank guarantee of Rs 786.52 crore, Chaudhary said. He added that the telecom firm was undergoing the Corporate Insolvency Resolution Process under the 2016 Insolvency and Bankruptcy Code. The code provides a legal framework to resolve insolvency cases and release non-performing assets quickly. The minister added that the resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal in Mumbai on March 6, 2020. The approval of the tribunal is awaited. The SBI had earlier classified the account and Ambani as 'fraud' in November 2020 and filed a complaint with the CBI in January 2021. However, the complaint was returned in view of a 'status quo' order passed on January 6, 2021 by the Delhi High Court, he added. The Supreme Court had in March 2023 mandated that lenders provide borrowers with an opportunity to represent themselves before classifying their accounts as fraud. In view of the order, the fraud classification in the account was reversed by the SBI in September 2023, the minister said. The reply added that the classification process was re-run and the account was once again classified as 'fraud' after due process as per a circular issued by the RBI on July 15, 2024. Last month, Reliance Communications in a regulatory filing said that it had received a letter on June 23 from the SBI on its decision to classify the loan account of the telecom firm as 'fraud' and to report Ambani to the RBI. In 2019, the telecom firm had said that it had decided to file for bankruptcy through the National Company Law Tribunal after failing to sell assets to pay up a debt of around Rs 45,000 crore.
India.com
3 days ago
- Business
- India.com
Big WIN for Anil Ambani, Reliance Power achieves net profit of Rs 446800000 in…, Company now plans to…
Anil Ambani (File) New Delhi: In a major relief to Anil Ambani, Reliance Power has reported a consolidated net profit of Rs 44.68 crore for the quarter ended June 30, 2025 (Q1FY26), compared to a loss of Rs 98.16 crore in the year-ago period. It is important to note that the revenue from operations stood at Rs 1,885 crore, down 5.35 percent year-on-year. Reliance Power recorded a total income of Rs 2,025 crore, while EBITDA came in at Rs 565 crore. The company serviced total debt of Rs 584 crore in the June quarter. Reliance Power also highlighted that its debt-to-equity ratio stood at 0.43, lowest in the industry. Net worth rose to Rs 16,431 crore as of June 30, 2025. Sasan and Rosa plants: The 3,960 MW Sasan Ultra Mega Power Project in Madhya Pradesh, Reliance Power's flagship project, remained one of the top-performing plants in the country. According to the company, it achieved a high plant load factor (PLF) of around 91 percent. The 1,200 MW Rosa Power Plant in Uttar Pradesh also maintained operational strength, with an availability of around 97 per cent during the quarter. Here are some of the key details: Reliance NU Energies, received a Letter of Award (LoA) from state-run SJVN Limited for a 350 MW ISTS-connected Solar + Battery Energy Storage System (BESS) project. Reliance Power approves Rs 6,000 crore equity raise, Rs 3,000 crore NCD issue The project involves setting up 600 MW of solar DC capacity and 175 MW / 700 MWh of BESS capacity at a tariff of Rs 3.33/kWh through competitive bidding. Reliance Power has emerged as the country's largest player in the solar + BESS segment Reliance Power holds 2.4 GW of solar DC capacity and over 2.5 GWh of BESS capacity. The 3,960 MW Sasan Ultra Mega Power Project in Madhya Pradesh remained one of the top-performing plants in the country. The company achieved a high plant load factor (PLF) of around 91 percent. The 1,200 MW Rosa Power Plant in Uttar Pradesh also maintained operational strength, with an availability of around 97 per cent during the quarter. As per the exchange filing, the Reliance Power board approved 'raising funds up to Rs 6,000 crore through the issuance of equity shares and/or equitylinked instruments and/or other eligible securities to qualified institutional buyers by way of a Qualified Institutions Placement and/or follow-on public offer or a combination thereof.'
