M.P. Nagar Tatha Gram Nivesh Adhiniyam, 1973 - Order passed by respondents is devoid of merit as land of petitioner is left open for purpose of any future road expansion : HC (See 'Legal Desk') Arbitration Act - Since appellant has failed to establish loss suffered, Arbitral Tribunal rightly rejected appellant's claim in this regard : HC (See 'Legal Desk') PMLA - Arrest order and consequent remand order are not illegal : HC (See 'Legal Desk') Keel-laying ceremony performed at Goa Shipyard (See 'Corp Brief') Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') SEBI Act - Extension of time can be allowed to SEBI to complete investigation : SAT (See 'Legal Desk') Arbitration Act - Respondent no.3 is not liable for repayment obligations of financial facilities extended by appellant to respondent no 1 company : HC (See 'Legal Desk') Mineral production grows by 8 percent in February (See 'Corp Brief') SARFAESI Act - Court refrains to adjudicate matter on merits when matter is already pending in DRAT : HC (See 'Legal Desk') Coal production in April up by 7.4% (See 'Corp Brief') SEBI Act - Appellants have made case for stay as rigours of directions of SEBI order would adversely affect business of Appellant as well as their clients : SAT (See 'Legal Desk') Trade Mark Act - Marks 'BETSONE' and 'BETASON' are deceptively similar to registered trademark 'BETNESOL' and visually, phonetically and structurally alike, with minimal alterations : HC (See 'Legal Desk') Voting by tribal communities blossoms as ECI's outreach to them bears fruit (See 'Corp Brief') SARFAESI Act - No fault can be found with respondent financial institution invoking Section 14 of SARFAESI Act by approaching District Magistrate, Rewa : HC (See 'Legal Desk') Ministry of Parliamentary Affairs observes Swachhata Pakhwada (See 'Corp Brief') Arbitration Act - Arbitral award cannot be interfered with if view of arbitral tribunal is plausible one : HC (See 'Legal Desk') IBC - Asset memorandum shall not be accessible to any person during liquidation : IBBI (See 'Legal Desk') Critical Minerals Summit concludes (See 'Corp Brief') Cr.P.C. - While adjudicating on bail application court is duty bound to ensure that accused's right to life and right to health is not violated : HC (See 'Legal Desk') PMLA - Petitioner cannot claim bail as matter of right for treatment only at specialized hospital of his choice : HC (See 'Legal Desk') SEBI (Research Analysts) Regulations, 2014 for ontravention of RA Regulations Certificate of Registration of Noticee Gaurav Sarda can be cancelled : SEBI (See 'Legal Desk') REC Ltd declares financial results, records highest ever annual net profit (See 'Corp Brief') Trade Marks Act - Defendant's adoption of Trademark is not in good faith and potential confusion encroaches upon Plaintiff's statutory trademark rights : HC (See 'Legal Desk') SEBI Act - Noticee was maintaining call records which were sent to SEBI : SEBI (See 'Legal Desk') Arbitration - Petition u/s 29A for extension of mandate of Arbitral Tribunal can be filed even after mandate has expired : HC (See 'Legal Desk') Mines Ministry to hold 2-day Critical Minerals Summit (See 'Corp Brief') IBC - When one party owes debt to another and creditor is claiming under written agreement providing for rendering 'service', debt is operational debt if claim of debt has some connection with service : SC (See 'Legal Desk') Companies Act - Stamp duty @5% market value of property is liable to be paid only when property is situated within State of Madhya Pradesh otherwise not : HC (See 'Legal Desk') SEBI Act - Final opportunity of inspection of documents and cross-examination of witnesses should be given to Appellants : SAT (See 'Legal Desk') SARFAESI Act - Mere discovery of new or important matter or evidence is not a sufficient ground for review ex debito justitiae : HC (See 'Legal Desk') Conference organized on Maritime Amrit Kaal Vision 2047 (See 'Corp Brief') PMLA -Bail application can be dismissed as petitioner failed to satisfy conditions for grant of bail : HC (See 'Legal Desk') CSIR, NIScPR organize national workshop to celebrate World Intellectual Property Day (See 'Corp Brief') SEBI Act - Appellants have failed to substantiate their claim of financial distress nor have they brought any new fact or circumstances requiring grant of interim relief : SAT (See 'Legal Desk') ACC delivers lifetime highest annualised PAT (See 'Corp Brief') Trade Mark Act - Marks are visually phonetically and deceptively similar to Plaintiffs' trademarks : HC (See 'Legal Desk') SJVN inaugurates First Multi-purpose Green Hydrogen Pilot Project (See 'Corp Brief') IBC - Even if CIRP commences, Directors, who are incharge of affairs of Company cannot be absolved of any wilful default committed by borrower Company : HC (See 'Legal Desk') REC to extend loan of Rs 1869 Cr for Kiru Hydro Electric Project (See 'Corp Brief')

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RITES Ltd scales Rs 1500 cr turnover

Published: Aug 29, 2017

By TIOLCORPLAWS News Service

NEW DELHI, AUG 29, 2017: THE RITES Ltd., a Government of India Enterprise under the aegis of Indian Railways, has for the first time crossed benchmark turnover of Rs 1500 crore and registered gross turnover of Rs.1509 crore in FY 2016-17, which is 18% higher than turnover of Rs. 1278 crore in 2015-16.

The company has declared Rs. 133 crore to be paid as Dividend, which is equivalent to 66.5% paid up equity capital of Rs. 200 crore of which Rs. 55 crores has been paid. The Profit After Tax (PAT) during the year was Rs. 331 crore.

Key achievements during 2016-17 were securing of a high value export order of Rs.680 crore from Sri Lanka Railways for the supply of locomotives & DMU train sets and signing of contract with Mauritius Government for providing PMC services for implementation of light rail transit system. RITES successfully completed contract with Bangladesh Railway for supply of 120 BG LHB coaches made at RCF Kapurthala and export of 6 MG 1350 HP locomotives to Senegal.

Addressing the 43rd Annual General Meeting held on August 28, 2017, the Chairman and Managing Director of RITES Ltd., Mr. Rajeev Mehrotra, said that last year ended with a healthy order book of Rs. 3731 crore, which is also the highest ever. During the year, the company had 2 bonus issues, each of 5 crore equity shares. This has resulted in an increase of paid-up capital from Rs. 100 crore to Rs. 200 crore. The authorised share capital of the company was also increased from Rs 200 crore to Rs 300 crore.

In the past, the company has been rated as 'Excellent' in its MOU performance and during the year 2016-17, the company believes that it has once again met similar parameters. Productivity of the employee in terms of turnover per employee has increased to Rs. 47 lakh.

Railway Energy Management Company Ltd. (REMCL), the subsidiary company of RITES Ltd., promoted with the Indian Railways, has successfully commissioned 26 MW Windmill in Jaisalmer and has implemented many power procurement contracts for Indian Railways under 'Open Access Policy' under the Electricity Act, 2003, resulting in substantial savings to Indian Railways.

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