IRB Infra sends 1000 Cr defamation legal notice to Telangana BJP MLA on Hyd-ORR Scam allegation.

IRB Infrastructure sends legal notice to BJP MLA Raghunandan Rao on statements he made in a press meet about alleged Hyderabad outer ring road scam. As it is known already that IRB got the new Hyd-ORR TOT project. However, there was huge uproar from opposition in Telangana that the project was allocated to the IRB company in a wrong way. The ORR is expected to generate toll collections of over Rs.2 Crore every day but the amount which IRB pays to the GHMC for over 2 decades is just 7k cr which is way too less for the amount the Hyderabad outer ring road can generate in the span of 20 years.

Read about IRB ORR TOT allotment – Which is a golden duck for firm.

IRB infrastructure Finds Golden Duck in Hyderabad ORR Lease but Beware of this fact !

The opposition in Telangana made huge uproar that state would lose huge amount of public money to the IRB and it alleged that IRB might be paying bribe to the ruling BRS party for this favour and this huge amount transfer would help BRS to contest upcoming elections not only in the state but all over the country.

These statements have not only troubled the ruling BRS party but also the IRB which is listed in stock market.

The BJP MLA Raghunandan rao has also complained with Central Bureau of Investigation about the conspiracy a week ago. As a result , the infrastructure company had decided to file a defamation case of Rs. 1000 Cr .

Raghunandan Rao who is also a one of the popular lawyers in Telangana is however no way concerned about this notice . He said , Company itself is bringing us to the court but it needs to remember that am a lawyer myself and now will let court question many things about this bid and a huge loss to the government in allocation TOT project with extremely understimated price quotes.

He said now the government needs to answer the court as why it handed over a TOT work to the company for such low price. Its a Straight one crore loss to the government per day.

This alleged ORR Scam is taking new turn every week since its revelation. If it continues, more likely the contract would get cancelled and it would impact on the share price of IRB in the stock market.