Co denies knowledge of the incident

Shares of construction and infrastructure company IVRCL Ltd on Thursday fell 19.81 per cent to close at Rs 33 following some reports linking the company to death of a consultant.

The company sought to clarify that it had nothing to do with the incident where a NHAI consultant had lost his life.

“We understand that an unfortunate incident reported stating that NHAI consultant Paulose Thomas, an expert consultant of Intercontinental Consultants and Technocrats (ICT), has died in circumstances which are under investigation,” the company informed the exchanges.

R. Balarami Reddy, ED, Finance, categorically denied any knowledge of this incident and said that they are not connected with it. This incident seems to have taken place about 45 days ago.

ICT was entrusted by NHAI to oversee the quality of work on the four-six laning of NH-47 in Tamil Nadu-Kerala border.

“We would like to place on record that the project in question is a BOT project (build, operate and transfer) and is being executed by one of our subsidiaries,” the company informed the exchanges.

(This article was published on January 24, 2013)
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