Mumbai: Realty developer Housing Development and Infrastructure (HDIL) has received a termination notice from the Mumbai International Airport (MIAL) for its 275-acre slum rehabilitation project, citing non-completion of the project on time.
The slum rehabilitation major has not accepted the notice and is planning to move court against it. The company, however, has now accounted for costs of Rs 440 crore into its profit & loss account resulting in a net loss of Rs 280 crore against a profit of Rs 316 crore a year-ago.
"We don't see any logic in this (notice) and, therefore, we don't accept this. We will move court and also seek damages," said Hari Prakash Pandey, vice-president, finance, HDIL.
30/05/13 Economic Times
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The slum rehabilitation major has not accepted the notice and is planning to move court against it. The company, however, has now accounted for costs of Rs 440 crore into its profit & loss account resulting in a net loss of Rs 280 crore against a profit of Rs 316 crore a year-ago.
"We don't see any logic in this (notice) and, therefore, we don't accept this. We will move court and also seek damages," said Hari Prakash Pandey, vice-president, finance, HDIL.
30/05/13 Economic Times
