Corporate News

Opening of Mayur Vihar Link Road
The Mayur Vihar Link Road was opened to traffic in both directions with effect from January 19, 2008.

GDR Issue in March/April2006
Pursuant to the GDR issue in March/April 2006, the Company’s GDRs are listed on the Alternative Investment Market (AIM) segment of the London Stock Exchange.

Operation and Maintenance (O&M) of the DND Flyway
On June 22, 2007 ITNL Toll Management Services Limited (ITMSL) was incorporated as a joint venture company with IL&FS Transportation Networks Limited, who have significant experience in operations and maintenance of toll road projects. The Company was set up to carry out O&M services for Noida Toll Bridge and other similar ventures on a pan- India basis. The O&M services of the bridge have been taken over by ITMSL since August 1,2007.

Independent Traffic Forecast Validation
M/s. Halcrow Consulting India Limited, a part of M/s. Halcrow Group of UK have submitted a report on Traffic Forecast Validation and Revenue Forecasts for DND Flyway in March, 2006. According to the report, the traffic on DND Flyway is likely to increase @ 15% pa. for next few years and is likely to reach 200,000 vehicles/day by 2021.
(To view the report click here ).

Scheme of Amalgamation
The Company had filed a petition for a Scheme of Arrangement which included an amalgamation, with its wholly owned subsidiary, DND Flyway Limited, under Sections 391- 394 of the Companies Act, 1956) with the Hon’ble High Courts of Judicature at Allahabad and Delhi. The Honourble High Courts of Allahabad and Delhi, vide their orders dated February 27, 2007 and May 21, 2007,respectively, approved the Scheme of Arrangement. The Scheme has become effective on June 21, 2007, with effect from the appointed date i.e. July 1,2006. Consequently DND Flyway Ltd. has been amalgamated with the Company.

In the Scheme approved by the shareholders, the Company has proposed adjustments of accumulated losses and provisioning of certain financing expenses out of Reserves & Surplus. DND Flyway Limited (DND) had no liabilities other than with its Holding Company. The Scheme of Amalgamation will have a positive impact on the Income Statement, since expenses which would have otherwise been amortised through the income statement, will be adjusted against Reserves and Surplus. The Scheme will have a healthy impact on the Company’s profits and dividend paying capacity, going forward.