Court freezes Noida Toll Bridge issue proceeds

NEW DELHI, OCT 17: A lower court has freezed the proceeds expected for the Rs 70.78 crore public issue of bonds by the Noida Toll Bridge Company to be opened for subscription from October 20. Civil Judge A K Chaturvedi in an order said the company will be restrained from appropriating the proceeds of the public issue till further court order as the land required on Delhi side of the bridge was under litigation.

The court was acting on a petition filed by NCR Land Development Ltd, who sought court’s intervention stating some of the land on the Delhi side was under their possession. They alleged that the company made a false claim on the issue prospectus that the land owned by the former was theirs.