DAMEPL told the court that the DMRC was hiding its actual financial position, while informing the court about the contents of the corporation’s publicly available balance sheet of 2019-20. (File) The Delhi High Court Monday asked the Delhi Metro Rail Corporation (DMRC) why it was expanding its operations when it does not have the money, while seeking details regarding its bank accounts, fixed deposits, and the annual balance sheet of 2021.
The court was hearing Reliance Infrastructure-promoted Delhi Airport Metro Express Pvt Ltd’s (DAMEPL) petition for execution of the 2017 arbitral award, which pertains to the Delhi Airport Metro Express Line and which was upheld by the Supreme Court in September 2021.
“The Judgement Debtor is directed to file the balance sheet of 2020-21 and the details of fixed deposits and bank accounts and the money lying therein as on date within three days from today,” said Justice Suresh Kumar Kait in an order.
While the Reliance Infra-led company is praying that the DMRC be asked to forthwith deposit the entire amount of Rs 6,305.40 crore into the Project Escrow Account, the DMRC Monday disputed the figure and submitted that it only owes Rs 3,305 crore after payment of Rs 1,000 crore last year.
Regarding the position of funds, the DMRC told the court that it has Rs 1,478.39 crore available in the banks under the ‘DMRC Funds’ head, Rs 2,668.81 crore under ‘Project Funds’ – earmarked for Phase III and IV – and Rs 1,561.30 crore under the ‘other than DMCR funds’ head, which has been provided to it by the Maharashtra and Bihar governments for construction of Metro rail there.
Section 89 of The Metro Railways Act, 2002 states that only earnings of the metro railway administration can be attached by a court in execution of a decree or order. DMRC on Monday told the court that it is running into losses every month due to Covid-19 restrictions and that a majority of the money with it either belongs to other states or is earmarked for expansion in Delhi.
DAMEPL told the court that the DMRC was hiding its actual financial position, while informing the court about the contents of the corporation’s publicly available balance sheet of 2019-20. “Rs 10,280 crore was available and it was in fixed deposit or flexi fixed deposits. The information being placed before the court perhaps is not correct,” Senior Advocate Rakesh Kumar Khanna, representing DAMEPL, told the court.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
