NEW DELHI: Specifying financial crunch and burden of unpaid dues to Anil Ambani’s Reliance Infra subsidiary DAMEPL, the Delhi Metro Rail Corporation (DMRC) has told the High Court that it was decided to approach its shareholders-- Centre and Delhi government seeking Rs 7,131.28 Crore in equal proportion as interest free subordinate debt.
“Though this step of interest free subordinate debt brings more financial burden on DMRC, however, the less financial burdensome option of issue of Equity Shares, which was explored earlier, failed to materalise,” the DMRC said in an affidavit before the Delhi High Court.
According to the Metro body, it had written letters dated January 18, 2023 to Ministry of Housing and Urban Affairs and Delhi government that a sum of Rs 3565.64 crore may please be provided as interest free subordinate debt at an early date so that the Supreme Court directions may be complied with.
On Thursday, the matter came before Justice Yashwant Varma, however, the court posted it for January 31 as Attorney General R Venkataramani, representing the DMRC and Centre, was unavailable. The DMRC said in order to expedite and bring to a conclusion the process of execution of the arbitration award, the corporation had proposed offering of 7,13,12,800 equity shares of Rs 1,000 each to both the shareholders–the Government of India and Government of Delhi– on right basis in equal proportion to raise Rs 7,131.28 crore to make the payment to satisfy the arbitration award. However, the Delhi government was disinclined.