Indian Railway Catering And Tourism Corporation Limited has informed the Exchange about General Updates
IRCTC · price
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Awaiting price reaction for this filing.
IRCTC's Board has approved filing winding-up proceedings against Royale Indian Rail Tours Limited (RIRTL), its 50:50 joint venture with Cox & Kings Limited, before the National Company Law Tribunal (NCLT), New Delhi. RIRTL was a JV incorporated under the Companies Act, 1956, but the partnership was terminated in 2011 due to disputes between the two promoters. The entity has been completely non-operational for over 13 years — no board meetings, no statutory filings since FY 2010-11, and zero revenue contribution. The underlying dispute was finally settled through arbitration in August 2023, and the current winding-up filing is essentially a formal closure of a defunct entity.
This is a housekeeping exercise to formally close a long-dead JV and is unlikely to have any material impact on IRCTC's financials, operations, or share price. RIRTL has contributed no revenue for over a decade and its non-functioning was already disclosed in prior annual reports.