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Sadbhav Engineering get an EPC (Engineering, Procurement &
Construction) road contract worth Rs 139.50 crore from Chief Engineer (DPI
& Roads), Odisa, Bhubaneshwar on 7th March 2014.
Project includes widening and strengthening of
Raj-Athagarh-Narasinghpur Road (SH-65) to 2- lane under SHDP, in the State of
Orissa .
Project construction period is 24 months and the defect liability
period is 24 months for the project highway.
For Structure and Major Bridges defect liability is 60 months from the date of
provisional certificate of completion, the company said in a statement.
The maintenance period for the project highway is for 24 months
from the date of the provisional certificate of completion .
Sadbhav Engineering is a construction firm with focus on road,
irrigation and mining projects.
Sadbhav Engineering's net profit increased by 595.4% to Rs 25.94
crore on 75.7% growth in net sales to Rs 620.79 crore in Q3 December 2013 over
Q3 December 2012.
On 7th March 2014 during trading hours The stock touched
intraday high of Rs 94.70 . Intraday low for the stock was Rs 89.30 .
The stock had hit a 52-week high of Rs 129 on 30 May 2013. The
stock had hit a 52-week low of Rs 52 on 16 September 2013.
Company law Board (CLB) has passed order of conducting forensic
audit of accounts of Bijapur Hungud Tollway, a subsidiary of Sadbhav
Engineering by saying that company has shown less toll revenue and also they
has taken 200 crore from Bijapur Hungud Tollway in an un-appropriate way.
Sadbhav engineering given clarification on 6th March
2014 that “above allegations are incorrect, baseless and defamatory, minority
shareholder of Bijapur Hungund Tollway has made allegations of diversion of
funds before the CLB”
“High Court of Gujarat ordered on 21 February 2014 and said CLB to
not to proceed further”