- 14 Jun 2022
- ICICIdirect Research
CBI arrests NHAI, GR Infra officials amid alleged irregularities in highway projectGRINFRA - 965 Change: -12.85 (-1.31 %)
News: GR Infraprojects in its disclosure to stock exchanges has informed that a team of Central Bureau of Investigation (CBI) has conducted a search at the residence of Vinod Kumar Agarwal, Chairman and at the corporate office on June 13, 2022. As per the disclosure, while the search at residence of the chairman has been completed, the search was still in process at the corporate office. Few employees of the company were also arrested at the project site.
Views:We have learnt from various media reports (Moneycontrol) that CBI has booked five people (including two NHAI officials) for alleged irregularities in NHAI's road projects in Assam's Guwahati and the case relates to the allegations of extending favours to GR Infraprojects by the accused public servants for alleged processing and clearance of bills, release of Bank Guarantees in lieu of illegal gratifications. While detailed information is yet awaited, any major irregularities (if any) to keep overhang on the stock in the short to medium term.