MBL Infra gets DRB recommendation for Rs 530.73 crores

The Learned Dispute Review Board comprising of three independent members has unanimously recommended Rs 530.73 crores plus interest @10% p.a till the payment of the amount in favour of MBL Infrastructures Ltd. for one of its completed projects of NHAI.

"The Company has received various DRB recommendations / arbitration awards / court orders aggregating to Rs 599.21 crores plus interest since the approval of the Resolution Plan. We are pursuing Dispute Resolution / arbitration / conciliation / litigation proceedings in all matters for realization of our receivables and there has been significant progress.

The Company has obtained completion certificates for 10 public interest projects since the approval of the Resolution Plan. With the completion of these projects the bidding capacity of the Company has enhanced. The Company will undertake new projects on the implementation of the Resolution Plan by the banks." said Mr D S Negi, CFO while addressing the officials of the Company.

Shares of MBL Infrastructures Ltd was last trading in BSE at Rs.13.34 as compared to the previous close of Rs. 12.71. The total number of shares traded during the day was 153161 in over 236 trades.

The stock hit an intraday high of Rs. 13.34 and intraday low of 13. The net turnover during the day was Rs. 2033600.

Source : Equity Bulls

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