Highway Infrastructure Ltd Faces Penalty After Withdrawing LOA for Andhra Pradesh Fee Plaza
Highway Infrastructure Ltd reported a penalty of Rs. 26,33,000 following the withdrawal of the Letter of Acceptance (LOA) issued by the National Highway Authority of India (NHAI) for operations at the Venkatapalem Fee Plaza in Andhra Pradesh.The financial penalty imposed by NHAI amounted to Rs. 26,33,000 (Twenty Six lakhs Thirty Three Thousand).
The company stated that the decision to withdraw the LOA was due to the project not being commercially valuable.
Details concerning the penalty and the withdrawal are available in an annexure summarizing the key aspects of the order.
The financial impact on the listed entity is quantified as nil, excluding the penalty amount of Rs. 26,33,000.
For reference, the contract pertains to the award of an operation and collection of user fee contract at Venkatapalem Fee Plaza.
The following table summarizes the details of the penalty and the withdrawal:
| Particulars | Detail | Amount/Status |
|---|---|---|
| Authority Involved | National Highway Authority of India (NHAI) | N/A |
| Nature of Contract | Award of contract for operation and collection of user fee at Venkatapalem Fee Plaza | N/A |
| Reason for Withdrawal | Project is not commercially valuable | N/A |
| Penalty Imposed | Rs. 26,33,000 | Rs. 26,33,000/- |
| Financial Impact | Nil except to the extent of penalty amount | Rs. 26,33,000/- |
HILINFRA Stock Price Movement
Highway Infrastructure Limited shares today edged higher to close at ₹47.89, gaining 0.27% on the day. The stock settled amidst a total traded volume of 183,313 shares.Source:
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