IRCTC asked to maintain status quo on joint venture

August 17th, 2011 - 3:04 pm ICT by IANS  

New Delhi, Aug 17 (IANS) The Delhi High Court has asked the government-run Indian Railway Catering and Tourism Corporation (IRCTC) to maintain status quo in its joint venture with Cox and Kings for rail tour business, a company statement said Wednesday.

IRCTC, an Indian Railways subsidiary handling the catering, tourism aspect and online ticketing, recently terminated its joint venture with Cox and Kings under which they operate luxury tourist train Maharaja Express.

In its plea before the Delhi High Court, Cox and Kings had said the notice of termination of joint venture was illegal as its consent was not taken.

In an interim order passed Aug 16, Delhi High Court directed IRCTC to maintain status quo on the Cox and Kings plea, the company said in a regulatory filing to the Bombay Stock Exchange.

The two firms had set up a company called Royale India Rail Tours Ltd in 2008 under a 50:50 joint venture.

Related Stories

Tags: , , , , , , , , , , , , , , ,

Posted in Business |

Subscribe