Ashiana Housing Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
ASHIANA · price
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Awaiting price reaction for this filing.
Ashiana Housing has settled a long-pending dispute through arbitration against Bengal Shriram Hitech (P) Ltd. for breach of a Development Agreement dated July 9, 2015. Under this agreement, Ashiana had acquired development rights over 19.72 acres of land in Hooghly, West Bengal. As part of the settlement, the company has received ₹18.50 crores as full and final payment, and the Development Agreement now stands cancelled. The counterparty is not a related party and holds no shares in Ashiana.
Positive for shareholders — Ashiana receives ₹18.50 crores in cash and is freed from obligations under the cancelled agreement, removing an old overhang and strengthening its balance sheet.