Brief: Oil And Natural Gas Corporation Says HC Rejected Reliance Naval's Plea On Termination Of Vessels Deal

Swan Defence and Heavy Industries

17/12/2018 14:20

Dec 17 (Reuters) - Oil and Natural Gas Corporation Ltd
 ONGC.NS :
    * OIL AND NATURAL GAS CORPORATION CLARIFIES ON NEWS ARTICLE
ON HC
REJECTING RELIANCE NAVAL'S PLEA ON VESSELS DEAL
    * CONTRACT FOR VESSELS  WAS ORIGINALLY AWARDED TO PIPAVAV
SHIPYARD; PIPAVAV HAS SUBSEQUENTLY TAKEN OVER BY RELIANCE NAVAL
& ENGG
    * CONTRACT WAS SCHEDULED TO BE COMPLETED IN 30 MONTHS;
COMPLETION
PERIOD WAS EXTENDED MANY TIMES ON REQUEST FROM CONTRACTOR
    * LAST EXTENSION WAS GIVEN UPTO MAY 31, 2018 AFTER WHICH IT
GOT
TERMINATED DUE TO NON-COMPLETION
    * TERMINATION WAS CHALLENGED BY RENL BEFORE MUMBAI HIGH
COURT,
WHICH WAS REJECTED ON NOV 30, 2018 BY THE COURT

Source text: http://bit.ly/2SQDDNe
Further company coverage:  ONGC.NS 

 ((Reuters.Briefs@thomsonreuters.com;))