Latest news with #MMOPL
India.com
12-06-2025
- Business
- India.com
Anil Ambani hits mega JACKPOT, set to earn Rs 11690000000 due to..., shares of Reliance Infra zoom to...
Anil Ambani (File) In a major milestone and good news for Anil Ambani, Mumbai Metro One Private Limited, a subsidiary of Anil Ambani's company Reliance Infrastructure has received a massive sum of Rs 1,169 crore, thanks to the Bombay High Court Order. On the other hand, the Chairman of Reliance Industries has alos hit a jackpot in a dispute between Anil Ambani's company and Mumbai Municipal Corporation over Mumbai Metro Line 1 (Versova-Andheri-Ghatkopar). Here are all the details you need to know. In the recent development, the Bombay High Court instructed Mumbai Metropolitan Region Development Authority (MMRDA) to pay a whopping amount of Rs 1,169 crore as an arbitration award to Mumbai Metro One Pvt Ltd (MMOPL). Notably, MMOPL is a debt-ridden subsidiary of Reliance Infrastructure and has been operating Mumbai's first metro line between the Versova-Andheri-Ghatkopar Corridor. Responding to the big updatw, Reliance Power and Reliance Infrastructure shares continued to rise, trading at ₹71.67 and ₹405 respectively despite market weakness. , Reliance Infrastructure Limited promoted Reliance Defence Limited (Reliance Defence) has announced a landmark deal for India's defence infrastructure development. In the recent development, the Anil Ambani led company signed a deal with Germany's, Diehl Defence for the production of next-generation Terminally Guided Munitions (TGM). Reliance group founder Anil D Ambani and German arms manufacturer Diehl Defence CEO Helmut Rauch discussed strengthening strategic partnership on guided munition/terminally guided munition that they had entered into in 2019, the two firms said in a statement on Tuesday. 'For Diehl Defence, the collaboration with Reliance Defence is part of the company's commitment to the Indian market and to the 'Make in India' initiative of the Indian government,' the statement said. The main purpose of the current strategic cooperation agreement between the two groups is to focus on the urgent supply of the 'System Vulcano 155mm Precision Guided Munition' for the Indian armed forces. (With inputs from agencies)
India Today
11-06-2025
- Business
- India Today
Mumbai development body ordered to pay Rs 1,100 crore to Metro One in dispute
The Bombay High Court has ordered the Mumbai Metropolitan Region Development Authority (MMRDA) to pay Mumbai Metro One Private Limited (MMOPL) Rs 1,169 crore with interest as of May 31, 2025, in an arbitration dispute over the development, design, engineering, financing, procurement, construction, operation and maintenance of Versova-Andheri-Ghatkopar corridor under a deal signed on March 7, bench of Justice Somasekhar Sundaresan observed that no case was made for an unconditional stay on amount disclosed by Reliance Infrastructure Limited (RIL), which has a majority stake in MMOPL, to the Bombay Stock Exchange is approximately Rs 1,169 crore. The award granted MMOPL a sum of Rs 992 crore along with interest. MMOPL was a joint venture between RIL, which holds a 74 per cent stake, and the MMRDA, which has the remaining 26 per cent, which operates the Versova–Andheri–Ghatkopar metro corridor in award was passed by a three-member arbitral tribunal in favour of MMOPL where one of them dissented. The MMRDA had approached the high court with an interim application seeking stay of the effect and operation of the arbitral award, praying for the impugned award to be quashed and set aside. MMRDA relied on the dissenting metro rail project started with a delay of over two years. MMOPL claimed that the project costs had increased from Rs 2,356 crores to Rs 4,321 crores. This was hotly contested by the Impugned Award had quantified claims under various heads including awards of amounts withheld in the course of paying tranches of Viability Gap Funding (VGF) alongwith interest thereon, interest on delay in disbursement of VGF tranches, compensation for additional costs incurred on account of payment of rent for land along with the cost of funds on such payments, compensation for having to construct a steel bridge instead of a concrete one, amounts towards operations and maintenance and life cycle costs, amounts towards cost escalation, pendente lite interest, future interest and MMRDA argued that no deposit should be directed to be paid by the court for grant of stay, and the MMOPL contended that the conventional approach of a full deposit must follow should there be any stay on execution of the bench further noted that the court has the discretion to impose such conditions as it deems appropriate to grant a stay of the operation of the arbitral the conditions under which the court must stay the award unconditionally are made if the court is satisfied that the contract or agreement which is the basis of the award, or the marking of the award, was induced by fraud or bench observed that merely because the award-debtor is an agency of the state, the principles to be applied would not stand diluted.
Time of India
10-06-2025
- Business
- Time of India
MMRDA seeks stay, HC: Deposit Metro 1 1,169cr arbitral award
Mumbai: Bombay HC on Tuesday directed MMRDA to deposit by July 15 Rs 1,169 crore awarded by a three-member arbitral tribunal in 2023 to Mumbai Metro One Pvt Ltd (MMOPL), a special purpose vehicle operating the Versova-Andheri-Ghatkopar Metro line 1 in which Anil Ambani-led Reliance Infrastructure holds majority stake. Tired of too many ads? go ad free now It said the dispute would be fully examined at the final hearing but MMOPL's win in arbitration could not be rendered meaningless in the interim. Justice Somasekhar Sundaresan held that MMRDA failed to make a prima facie case for a stay without deposit. The tribunal had in Aug 2023 awarded Rs 992 crore to MMOPL as compensation for cost escalation and other contractual disputes. With interest accrued till May 31 this year, the sum rose to Rs 1,169 crore. MMRDA had sought an unconditional stay on the award, challenging it under Section 34 of Arbitration and Conciliation Act. It argued that the award was illegal and based on flawed assumptions about rent recovery, project delays and cost escalation. In response, MMOPL said MMRDA had approved key decisions and was now trying to backtrack from them. HC said the award, passed by a 2:1 majority, is in the nature of a money decree and that MMRDA, being a 26% equity holder in MMOPL, was actively involved in the project's financial decision-making. "The award cannot be termed perverse or arbitrary on the face of it," it said. The court made it clear that the amended arbitration law does not permit automatic stays and rejected MMRDA's request to avoid paying the deposit. The matter will be heard next on June 17. An official said MMRDA is yet to get a copy of the HC order. "MMRDA will thoroughly examine the order and take appropriate action."
Indian Express
10-06-2025
- Business
- Indian Express
Deposit over Rs 1,000 cr to obtain stay on arbitral award: HC to MMRDA on dispute with Reliance Infrastructure
The Bombay High Court on Tuesday directed the MMRDA to deposit by July 15 nearly Rs 1, 169 crore in its registry to obtain stay on the operation of the arbitral award in favour of Mumbai Metro One Pvt Ltd (MMOPL) in connection with the dispute over Metro-1 (Versova-Ghatkopar) route in suburban Mumbai. The HC refused a request by Mumbai Metropolitan Region Development Authority (MMRDA) for an unconditional stay on the arbitral award without depositing the award amount. The MMOPL is a joint venture between Reliance Infrastructure Limited led by businessman Anil Ambani, which holds 74 per cent stake, and the MMRDA (26 % stake) and operates Versova-Ghatkopar metro corridor The Reliance Infrastructure Limited, in its disclosure before the stock exchanges on Tuesday claimed that the entire arbitral award amount was to the tune of Rs 1,169 crore (inclusive of accrued interest as on May 31). The arbitral tribunal in August 2023 had passed an award in favour of MMOPL to the tune of Rs 992 crore along with interest. A single-judge bench of Justice Somasekhar Sundaresan on Tuesday passed a judgment on MMRDA's interim application seeking stay on the effect and operation of the arbitral award. The stay application was filed by MMRDA in a Commercial Arbitration petition filed under section 34 of Arbitration and Conciliation Act, 1996, seeking to quash and set aside the said arbitral award related to development, design, engineering, financing, procurement, construction, operation and maintenance of Versova-Ghatkopar metro corridor under concession agreement of March 7, 2007. The respondent MMOPL raised claims in arbitration proceedings stating that the delay of two years in starting the project increased its costs from Rs. 2,356 crore to Rs. 4,321 crore, which resulted in the arbitral award in favour of MMOPL. Senior advocate J P Sen for the MMRDA argued that the impugned award was 'perverse and patently illegal' and that it should not be directed to deposit the awarded amounts as same would cause grave and irreparable harm to the authority. However, senior advocate Prateek Seskaria for MMOPL opposed the MMRDA's application and argued that the arbitral award was entirely correct and was passed taking note of true and fair view of the factual position certified by the Board of Directors and Audit Committee of MMOPL, which included MMRDA's nominees. After perusing submissions, Justice Sundaresan observed that 'no case was made out for an unconditional stay of the impugned award'. 'Therefore, it is directed that if MMRDA were to fully deposit the entire amount awarded in the impugned award along with interest as awarded (computed as of May 31, 2025), no later than July 15, 2025, execution of the impugned award shall remain stayed pending hearing and final disposal of the Section 34 Petition,' the HC held and disposed of the application.
Time of India
10-06-2025
- Business
- Time of India
HC asks MMRDA to deposit Rs 1,169 crore arbitral award in dispute with Reliance Infra
The Bombay High Court on Tuesday directed the Mumbai Metropolitan Region Development Authority (MMRDA) to deposit the arbitration award of Rs 1,169 crore with the court registry in connection with its dispute with the Mumbai Metro One Pvt Ltd ( MMOPL ), a subsidiary of Anil Ambani's Reliance Infrastructure . The MMRDA, a Maharashtra government agency, has moved the HC challenging two orders -- of August 2023 and February 2024 -- passed by a three-member tribunal in arbitration between MMOPL and MMRDA for various disputes including the cost of the metro project. The MMRDA, in an application, sought an interim stay to the arbitral award till the petition was heard and decided. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like B. Tech. Engineering Technology For Working Professionals. BITS Pilani WILP Apply Now Undo Justice Somasekhar Sundaresan on Tuesday refused to grant any interim relief without the amount being deposited. When parties agreed to submit themselves to arbitration and it culminated in an award, the money decree in the arbitral award is not something "written on water and irrelevant", said the judge. Live Events "Routinely granting a stay and that too without any deposit would run counter to the explicit legislative intervention that was made by Parliament to give teeth and relevance to arbitral awards," the HC said. The court further said no case was made out for an unconditional stay. If the MMRDA deposited the entire amount by July 15, then the execution of the award would be stayed pending final hearing and decision on the MMRDA's petition, it added. MMOPL, a joint venture of Reliance Infrastructure and MMRDA, operates Mumbai's first metro line on Versova -Andheri-Ghatkopar corridor. While Reliance Infrastructure holds 74 per cent stake, the rest is with MMRDA. The disputes between the two parties relate to the development, design, engineering, financing, procurement, construction, operation and maintenance of metro rail under a 2007 agreement. 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 contested. PTI
