Connect with us

Businesses

SC allows DMRC's curative plea challenging arbitral award in favour of DAMEPL

Published

on

SC allows DMRC's curative plea challenging arbitral award in favour of DAMEPL

New Delhi, April 10 (IANS) The Supreme Court, delivering its verdict on a curative petition by the Delhi Metro Rail Corporation (DMRC), on Wednesday overturned the September 2021 decision which had upheld the arbitral award in favour of the Delhi Airport Metro Express Pvt Ltd (DAMEPL), which used to operate the Delhi Airport Metro line.

A bench, headed by CJI D.Y. Chandrachud, ordered that the execution proceedings pending before the Delhi High Court for enforcing the 2017 arbitral award must be discontinued and the amounts deposited be refunded to the DMRC.

“The part of the awarded amount, if any, paid by the petitioner (DMRC) as a result of coercive action is liable to be restored in favour of the petitioner. The orders passed by the High Court in the course of the execution proceedings for enforcing the arbitral award are set aside,” said the Bench, also comprising Justices B.R. Gavai and Surya Kant.

ALSO READ:  Naver unveils AI safety framework to respond to possible risks

The decision came on a curative plea filed by DMRC challenging the restoration of the award in favour of Reliance Infrastructure arm DAMEPL.

In 2017, a three-member arbitral tribunal passed a unanimous award in favour of the DAMEPL accepting the Airport Metro operator’s claim that running operations on the line was not viable due to reasons such as structural defects.

Subsequently, a division bench of the Delhi High Court partly allowed the appeal filed by the DMRC. However, the award was restored by the Supreme Court on a special leave petition filed by the DAMEPL.

In its latest judgment, the apex court said: “While the cure notice contains allegations about the line not being operational, there is evidence on the record indicating that the line was in fact running…..The award contains no explanation as to why the steps which were taken by the DMRC were not ‘effective steps’ within the meaning of the termination clause.”

ALSO READ:  Ad spending in India to reach $17 bn in FY24, consumption to rebound: Report

Further, it said that the arbitral tribunal ignored the specific terms of the termination clause and erroneously rejected the CMRS (Commissioner of Metro Railway Safety) sanction as irrelevant.

The Supreme Court said that the “Division Bench (of the High Court) correctly held that the arbitral tribunal ignored vital evidence on the record, resulting in perversity and patent illegality, warranting interference”.

The Division Bench applied the correct test in holding that the arbitral award suffered from the vice of perversity and patent illegality, it added.

In 2008, the DAMEPL entered into a contract with the DMRC for running the Airport Metro line till 2038. As disputes arose between the parties, the DAMEPL stopped operating the Metro on the airport line and invoked the arbitration clause against the DMRC, alleging a violation of the contract and sought a termination fee.

–IANS

pds/vd

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Businesses

Vulcan Green Steel sends executive accused of harassment on administrative leave

Published

on

By

Vulcan Green Steel sends executive accused of harassment on administrative leave

Vulcan Green Steel sends executive accused of harassment on administrative leave

New Delhi, July 20 (IANS) Vulcan Green Steel (VGS) on Saturday said that it has sent Dinesh Kumar Saraogi, accused of harassment by a woman passenger during an international flight, on administrative leave amid the investigation.

VGS, an entity backed by the Jindal Group of Companies, said in a statement that they are deeply concerned about the recent allegations involving a senior executive in their company.

“We recognise the gravity of the situation and are committed to addressing it with utmost seriousness, care, integrity and urgency,” said the company located in Oman.

It further said that in line with its zero tolerance policy and to ensure a fair and independent review, “the executive has been placed on administrative leave”.

“To maintain impartiality, we are appointing an independent credible third party to lead the investigation,” said Vulcan Green Steel.

Jindal Steel had earlier clarified that Saraogi presently serves as the CEO of Vulcan Green Steel in Oman.

ALSO READ:  RBI bars JM Financial from giving loans against shares, debentures

“Saraogi who is alleged of harassing a woman on the Etihad flight has not been a Jindal Steel Executive since last year. He is the CEO of Vulcan Green Steel, Oman and does not have any direct relation with the Listed company Jindal Steel and Power,” the promoter company had said in a statement.

On Friday, industrialist Naveen Jindal said that strictest and necessary action will be taken if the allegation is proven.

The woman had alleged that Saraogi sexually assaulted her on an Etihad flight from Kolkata to Abu Dhabi on Thursday.

She was left frozen in “shock and scare”.

–IANS

na/pgh

Continue Reading

Businesses

FPIs infuse Rs 44,344 crore in stock markets this month ahead of Union Budget

Published

on

By

FPIs infuse Rs 44,344 crore in stock markets this month ahead of
 Union Budget

FPIs infuse Rs 44,344 crore in stock markets this month ahead of
 Union Budget

Mumbai, July 20 (IANS) Foreign portfolio investors (FPI) continued the investment momentum in the stock markets in India, infusing around Rs 44,344 crore in equity and debt this month (till July 19).

Market analysts said that FPIs were consistent buyers with buying picking up during the week ended July 19.

FPIs have invested worth Rs 30,771 crore in equity and Rs 13,573 crore in debt.

They were buyers in autos, capital goods, healthcare, IT, telecom and oil and gas.

“A notable trend was the lack of buying in financial services, which partly explains the poor performance of financial services in July so far,” said V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

If the recent trend of weakness in dollar and bond yields persist, FPIs are likely to continue their buying in the market.

According to experts, domestic and foreign investors are keenly watching for possible tweaks in the long-term capital gains tax in the Union Budget 2024-2025, to be presented on July 23.

ALSO READ:  RBI to roll out AI-driven system to protect interests of bank customers

There was a total net inflow of Rs 2,82,338 crore for both equity and debt in FY24.

According to market analysts, the FPI community will play a major role in positioning India as the third-largest economy in the world.

The reason for a quick rebound in the capital markets can be attributed to the positive sentiments and a stable government’s assurance of continuity of reforms.

All eyes are now on the budget proposals which will hopefully announce path-breaking reforms, providing India a golden opportunity against the other emerging global markets.

–IANS

na/svn

Continue Reading

Businesses

African Union approves AI strategy, digital compact to boost Africa's advancement

Published

on

By

African Union approves AI strategy, digital compact to boost Africa's advancement

African Union approves AI strategy, digital compact to boost Africa's advancement

Accra, July 20 (IANS) The executive council of the African Union (AU) has approved its Continental Artificial Intelligence (AI) Strategy and African Digital Compact to boost Africa’s digital development, an official said.

AU Commissioner for Infrastructure, Energy and Digitization Amani Abou-Zeid said this in an interview Friday during the 45th Ordinary Session of the AU Executive Council, a prelude to its 6th Mid-Year Coordination Meeting, in the Ghanaian capital of Accra, reported Xinhua news agency.

“Our council approved the AU strategy for artificial intelligence and the strategy for using digital technologies, which will set the path for Africa’s use of digital technologies for development,” Abou-Zeid said.

These strategies would provide direction on the use of technology to find solutions to Africa’s challenges, help fast-track many projects and programmes, and guard against the unethical use of technology, she said.

“The technology must help us preserve our identity, preserve our languages and cultures, and be helpful rather than harm us,” the commissioner said.

ALSO READ:  LG Electronics to pay $65.2 million in dividends to shareholders

The strategies would create an enabling environment for the development and use of digital technology, Abou-Zeid said, adding that the AU policy would guide the governments of various members to develop the necessary policy and regulatory frameworks for the sector.

“The strategies will help us create a single digital market and guide all sovereign countries on how to use digital technology to boost their development processes,” she said.

“There must be rules and regulations to punish the negative use of AI and digital technologies to prevent further abuse,” Abou-Zeid said, adding that seven African countries now have AI policies, but the continental body would like to see all members develop their policies.

–IANS

int/sd/svn

Continue Reading

Businesses

Textile centre will be set up in Jabalpur: MP CM

Published

on

By

Textile centre will be set up in Jabalpur: MP CM

Textile centre will be set up in Jabalpur: MP CM

Bhopal, July 20 (IANS) Madhya Pradesh Chief Minister Mohan Yadav said on Saturday that the modern textile centre would be set up in Jabalpur which will provide jobs for women.

“A mega unit of the modern textile centre will be set up in Jabalpur soon. This development will not only make Jabalpur a new textile hub in the state but would also provide employment to the women,” the Chief Minister said while addressing the inaugural session of the Regional Industrial Conclave in Jabalpur.

Several business houses and industrialists from across the country also participated in the conclave.

The Chief Minister said that many medical and other educational colleges have been constructed in the past few years in Madhya Pradesh.

“We have more than 275 units in the pharma sector and products are being exported in more than 160 countries,” the Chief Minister said.

He added that there are as many as 16 industrial parks and 517 MSME units in Mahakoshal (Jabalpur) which is providing employment to about 20,000 people.

ALSO READ:  LG Electronics to pay $65.2 million in dividends to shareholders

–IANS

pd/dan

Continue Reading

Businesses

India's rich history, vibrant culture highlighted at Korea international fair

Published

on

By

India's rich history, vibrant culture highlighted at Korea international fair

India's rich history, vibrant culture highlighted at Korea international fair

Ilsan, July 20 (IANS) India’s rich history and vibrant culture grabbed the spotlight as the ninth Korea International Tourism Fair kicked off at Ilsan in northwest of Seoul.

The Embassy of India in Seoul and the UP government are jointly participating in the fair held at the Korean International Exhibition Centre.

India’s Ambassador to the country, Amit Kumar, joined the opening ceremony alongside Chang-su Jeong (Chairman of the Organisation Committee), Dong Hwan Lee (Mayor of Goyang Special City), Oh Who Seock (Vice Governor of Gyeonggi Province) and Min-hyeon Kyeong (President of Kangwon Domin Ilbo & the Korea Local Newspapers Association).

The UP Tourism booth was jointly inaugurated by all the dignitaries as the Indian Ambassador spoke of India’s rich history and vibrant culture.

In his remarks, he also highlighted India’s natural beauty and wildlife, along with the country’s incredible diversity of languages, cuisines, clothing, architecture and faiths.

“It is often said that whatever a tourist is looking for, can be found in India,” said Kumar.

ALSO READ:  S. Korea, US & Japan to hold ministers' talks on supply chain issues

The visitors to the fair were also given deep insights into Uttar Pradesh by the state tourism body.

“The state represents the microcosm of the rich heritage that India has to offer. There are 42 UNESCO World Heritage Sites in India, including six in Uttar Pradesh. The state also has a rich heritage of Buddhism, comprising six cities where Lord Buddha once lived and preached,” said Ambassador Kumar.

Korea International Tourism Fair is a tourism exhibition aimed at fostering the growth of the tourism industry by expanding the market through collaboration between domestic and international tourism. It also seeks to boost local tourism by promoting the internationalisation of domestic cities.

Several countries from around the world participated in the event.

–IANS

rs/as/kvd

Continue Reading

Trending