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| Exchange Disseminated Time 26/10/2016 18:10:22 | Noida Toll Bridge Company Ltd has informed BSE that:
"As has been disclosed in the annual reports of the Company, the local resident welfare associations (Federation of Noida Resident Welfare Associations FONRWA) had filed a Public Interest Litigation in the Allahabad High Court challenging the validity of the Concession Agreement entered into between NOIDA and Noida Toll Bridge Company. The PIL had been filed in the year 2012.
The Honourable High Court of Judicature at Allahabad has pronounced its judgement today at 4pm. The judgement although upholding the Concession Agreement has held the two specific provisions relating to levy and collection of fee to be inoperative and has directed the Company to stop collecting the user fee thereby making the facility Toll Free. The Company in compliance with the Judgement of the Honorable High Court of Allahabad has stopped collection of user fee subject to the outcome of its appeal against the said judgement before the Hon'ble Supreme Court of India. The Company is in the process of filing an appeal with the Supreme Court, against this judgement. The rights of the Company to the DND under the Concession Agreement remain valid and remains asset of the Company." |
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