The flyover beng built by IVRCL in Kolkata had collapsed yesterday, killing 24 people.
Highlights
- Banks took over company in December 2015 after a loss of 672 crores
- Only 2% of flyover was completed six years into construction
- Builders were reportedly hurrying after CM asked for completion by Feb
The IVRCL Group -- the company in charge of building the flyover in Kolkata which collapsed yesterday causing the deaths of 24 people - had been under a consortium of banks for the last four months.
The takeover took place in December 2015 after the infrastructure builder posted a loss of Rs 672 crore. This happened despite the number of projects the real estate giant was executing across India, an investigation by NDTV has found.
In 2009 -- the year it took charge of building the flyover, the company, headquartered in Hyderabad, had bagged 27 projects across India.
Six years later, only 45% of the 2-km flyover had been completed, the company had admitted. When it collapsed yesterday, the builders were reportedly hurrying the project after Chief Minister Mamata Banerjee reportedly asked for its completion by February.
In its website, the IVRCL indicated that the flyover was a tough project to execute. The area is "very congested, hampering movement of heavy equipment," and "effective working hours only 6 that too at midnight" - read the relevant section in the website.
Eight officials of the company were detained today in Kolkata and Hyderabad, a FIR has been filed under the relevant sections of murder and attempt to murder. A plea has also been filed in court against the company, seeking an investigation by the Central Bureau of Investigation.
Amid speculations and allegations of negligence, a senior official of the IVRCL has called the collapse "an act of God". Today, the company has said the collapse could also be a result of sabotage.
Calling their attitude "casual" and "wrong", Chief Minister Mamata Banerjee has said, "It is a big loss of human lives, strong action will be taken."
Opposition parties allege that the flyover was being built without proper planning and rules had been overlooked to allow its construction at a teeming commercial area.
BJP's Mukhtar Abbas Naqvi said the disaster was an "act of fraud".
CPM's former minister Ashok Bhattacharya has claimed IVRCL was later blacklisted by some central and state governments. "Why did Mamata Banerjee allow IVRCL to continue," he asked.