The Securities and Exchange Board of India on Thursday barred Gammon India and four others from accessing the capital markets for a year.
Gammon India and L&T were the only bidders left in the fray for the project
The proposed initial public offering of Gammon Infrastructure Projects is unlikely to face any regulatory hurdle following the recent Securities and Exchange Board of India's order.
Tuesday's move, announced at a press conference in the capital, comes a little over a month after an accident killed six workers at a metro construction site on July 12. The accident, the latest in a series over the past year, raised public outrage and prompted Delhi Metro Rail Corporation's widely respected chief E Sreedharan to submit his resignation, which the state government declined to accept.
Acquisitions, slowdown put infra major in a spot, with bankers okaying debt restructuring.
Six persons were arrested on Wednesday in connection with the collapse of an under-construction flyover leading to the death of two persons seven months ago.
The government's ambitious highway projects under the public-private partnership mode are in serious trouble. Construction companies have either not put in bids or have withdrawn from 20 such projects, which fall under the build, operate and transfer scheme.
The recent accident at the Delhi Metro site in South Delhi that claimed six lives was caused by 'serious deficiency' in design and inadequate concrete strength, Lok Sabha was informed on Tuesday.
The Delhi High Court on Wednesday issued a notice to the Delhi Metro Rail Corporation on a petition that stated that the DMRC was grossly negligent in connection with the Zamrudpur mishap. The petition called for the setting up of an independent committee to investigate the Zamrudpur incident, in which six persons were killed. On July 24, the high court had issued a notice to Gammon India, a contractor of Delhi Metro Rail project, on a petition filed by family of victims.
Putting the blame on 'deficiency in design and material' for the July 12 mishap which claimed six lives, Delhi Metro on Tuesday claimed that a design consultant firm which inspected the site 'misled' them and the contractor about the condition of the pier which collapsed. The DMRC is also serving a show-cause notice to contractor Gammon India, which was carrying out the work at Zamrudpur accident site, to explain why it should not be blacklisted for two years.
After a delay of four months, Indian intelligence agencies have given security clearance to International Container Terminal Services Inc
Justice Rewa Khetrapal directed the company to file its response by August 20 when the matter will be taken up for further hearing.
An engineer working on the golden quadrilateral project has died at a hospital in Gaya, Bihar, under mysterious circumstances.
The company bid Rs 1,104 crore for a 7.5 hectare plot in the upcoming Bandra-Kurla Complex area.
The project is likely to cost Rs 1,900 cr for which govt might invite global bids.
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Among other scrips, which would be shifted to the trade-to-trade segment include 3i Infotech, Bartronics India, Ramky Infrastructure and Zenith Birla (India) Ltd.
Top gainers from the Sensex pack are ONGC, HDFC, HUL, RIL and Cipla.
Rediff reader Srinivas Samudrala, 58 from Telangana shares his story.
Manavi Kapur profiles Sheikh Rafik Mohammed of Calicut, who has been appointed to the top military post in the Central Asian country.
Scheduled to be completed in 2016, the 4.94 km rail-cum-road bridge, India's longest bridge, will come up across the mighty Brahmaputra at Bogibeel in Assam. It is not only expected to be a lifeline for the Northeast, but will also strengthen the country's security.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
The labour force at large has turned less needy, due to various government financial incentives and freebies.
Among key stocks, Tata Motors, Hero MotoCorp, L&T, Wipro, ICICI Bank, Dr Reddy's Labs and ICICI Bank, all up between 1%-3%
Most of these road contracts are spread across Andhra Pradesh, Haryana, Karnataka, Odisha, Rajasthan, Tamil Nadu, Uttarakhand and West Bengal, with the government struggling to restart them.
As FIIs pull out of road projects, doubts have surfaced about the future of new highways and roads
The redevelopment of stations is good news for construction companies.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The contraction in M&A activity in India contrasts sharply with the upbeat global picture, much of it led by a reviving US economy.
'Hundreds of engineers have complained that they are being threatened by criminals for allotment of contracts and extortion.'
The Rs 63,000-cr Mumbai-Ahmedabad high-speed corridor and Rs 14,000-cr CSTM-Panvel suburban corridor are two of the largest projects.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
With its new hybrid annuity model, the government is confident of getting more funds from India Inc.
Five stocks - Havells, NCC, Suzlon, Blue Star and Crompton Greaves look most attractive after the recent course correction.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Natco Pharma, Wockhardt and Marksans have rallied between 50 and 70 per cent in the year till date.
Broad-based buying aided sentiment and the market registers record turnover at Rs 6.86 lakh crore
The crisis in Indian banking has now reached a point where the NPAs of many public-sector banks are higher than their net worth
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