17 Mar 2009
HYDERABAD:Justice K C Bhanu of the AP High Court on Monday stayed all the criminal proceedings launched by Punjagutta police in Hyderabad against Vedanta Aluminium Limited. It can be recalled Maytas Infra company had filed a criminal complaint against the company following its alleged unilateral invoking of bank guarantee worth Rs 47 crore furnished by Maytas Infra to Vedanta Aluminium.
The judge, while hearing the petition filed by Vedanta which justified the invoking of bank guarantee, gave notice to Maytas Infra asking it to file its reply and stayed the criminal proceedings for a period of six weeks.
Vedanta wanted a township for its employees to be built by Maytas Infra at a cost of Rs 232 crore at Jharsiguda in Orissa. According to it, Maytas failed in fulfilling the work and hence as per the contractual obligations revoked the bank guarantee because it had already paid mobilisation advances to Maytas Infra.
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