Court sets aside award worth about Rs 4.93 crore in company's favour

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AI summary

The Bombay High Court has quashed an arbitral award of about Rs 4.93 crore plus interest that was previously passed in the company's favour against client Shah Atul P. HUF. The original award, from January 2022, related to disputed castor seed trading on the NCDEX platform in September to October 2019. The company clarifies that the judgment does not impose any monetary liability on it and there is no adverse financial impact. It is evaluating legal remedies, including starting fresh arbitration proceedings.

Likely market impact

Company loses the chance to recover about Rs 4.93 crore from the client, though no direct financial liability arises from the ruling.