Govt revokes Ashoka Buildcon`s toll rights for Ahmednagar- Karmala road project

November 26, 2012

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Ashoka Buildcon, engaged in building and operating road and bridge projects in India, announced on Tuesday the PWD, Government of Maharashtra has withdrawn the toll collection rights for Ahmednagar- Karmala Road State High Way No. 141 project under BOT Scheme with toll rights, prematurely, which was about to expire on Nov. 4, 2015.

The notification states that the lending interest rates have been changed by the Reserve Bank of India and consequently as per contract provisions, the concession period in view of new lending rates reworked, has ended before Nov. 14, 2012 and therefore considered it expedient to cease the effect and operation of the notification dated May 15, 2002 authorizing toll collection upto Nov. 4, 2015.

“The company is proposing to take remedial action as permissible under law,“ Ashoka (Q,N,C,F)* Buildcon said.

Shares of the company declined Rs 5.95, or 2.89%, to trade at Rs 200.05. The total volume of shares traded was 302 at the BSE (3.41 p.m., Tuesday).

Source: http://www.myiris.com