- (1.) Mr. Anand Kumar Singh, Member Project, NHAI is present today to assist the Court pursuant to our order dated 17th May, 2018. Mr. K. Srinivas Rao, Managing Director of Concessionaire is also present.
(2.) Member Project, NHAI and learned Senior Counsel representing the NHAI both have made submissions. They have informed us that the Board of NHAI has considered the proposal of One Time Fund Infusion Scheme (OTFIS) in the light of No Objection Certificate granted by the Consortium of Banks and the conditions stipulated by them as well. Consortium of Banks have stipulated the conditions that no additional funding would be made by the existing lenders and that NHAI has to agree to fund the balance cost over and above the OTIF of Rs. 223.85 Crores for completion of the project. This would require further funding of approximately Rs. 500 Crores towards completion of project. The Board has been faced with a dilemma whether to proceed with infusion of further funds under OTFIS with the present Concessionaire, considering his past record and the direction issued by this Court earlier on 14th November, 2017 for inquiry by the Serious Fraud Investigation Office (SFIO). Apart from the above, the Board while considering the proposal for OTFIS also requires submission of undertaking by the Consortium of Bank to concede first charge to NHAI; timely completion of project by Concessionaire as undertaken earlier on its part and obtaining of other statutory clearances from the competent authority. The Board would also not entertain any additional claim on the part of the Concessionaire while taking such a decision.
(3.) SFIO has already submitted its report. Learned ASGI has produced the report in a sealed cover which has been opened in Court today. The report, in two copies have been perused by us. Apart from the inquiry report, two copies of Annexures and two Compact Disc have also been submitted in a sealed cover. Before proceeding to take a decision on the basis of report, we consider it proper to give an opportunity to the concerned parties i.e., Respondent-Canara Bank being the Lead Bank of Consortium of Banks, NHAI, Concessionaire and also the State Government to inspect the report. The report shall be kept in a sealed cover in the custody of Learned Registrar General. These parties through their authorized representative and their counsel are at liberty to inspect the report by making a request before learned Registrar General. Learned Registrar General would accordingly fix the date and time for inspection of the report by the concerned parties. Needless to say inspection shall be made in the presence of an officer of the Court as nominated by learned Registrar General.;