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| Exchange Disseminated Time 03/02/2016 09:57:36 | MEP Infrastructure Developers Ltd has informed BSE that :
"Vide a letter ref MEP IDL/OUT/2015-16/282 dated May 13, 2015 we had intimated that our Company MEP Infrastructure Developers Limited (‘MEP’) is part of a Limited Liability Partnership (along with 3 other Partners) named SMYR Consortium LLP (“SMYR”) in which MEP is currently holding 25% stake. SMYR and had executed a Concession Agreement on 11th May, 2015 (titled - Toll Tax Collection and Toll Plaza Development Agreement) with South Delhi Municipal Corporation (‘SDMC’) for the toll tax collection at border points from specified commercial vehicles entering Delhi (‘the Project’). The operations commenced from 16th May, 2015 (6.00 a.m.) (Commercial Operation Date) and the Period of the Contract was for 3 years (36 months).
An “Honourable Exit” was accorded to SMYR by The Hon’ble Supreme Court of India (“Apex Court”) vide an order on 07th January, 2016; in a matter relating to the pollution levels in New Delhi, where a previous order of the Apex Court’s had resulted in a significant drop in vehicles entering New Delhi and eventually affecting the commercial exposure of SMYR. The said matter was filed by the lead member on behalf of the Consortium, where it had approached the Apex Court under its Original Jurisdiction by way of W.P.(c) /817 /2015; which was tagged with the Parent Environmental Matter (and an authority in law) M.C. Mehta V/s Union of India & Ors. - W.P.(c) / 13029 / 1985 (along with multiple Interlocutory Applications or I.A.’s in the parent matter). The learned Apex Court, after extensive hearings considered the plea of SMYR and keeping the non-viability of the commercials in perspective, based on the impossibility of performance of the contractual obligations in light of added responsibilities (like collection of Environment Compensation Charge or ECC’s Collections & installation of Radio Frequency Identification or RFID Toll Tags on own cost; which was beyond the scope of the parent Contractual Obligations); proceeded to order the closure of the said project. Thus, the project shall stand terminated from 1st February, 2016 at 6 am.
In furtherance of The Apex Court’s Order, SDMC has invited fresh bid vide NIT No. ADC/TT/HQ/2016/D-949 Dated:12.01.2016 to appoint agency for collections, based on fresh terms in line with the directions of the Apex Court." |
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