We inform you that we have received an order confirming the final litigation in our favor.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Ashnoor Textile Mills has received a favorable order from the District Consumer Disputes Redressal Commission-IV, New Delhi, in a case the company had filed against Oriental Insurance Company Limited. The original claim was for a balance amount and interest on INR 80 Lakhs related to an insurance dispute. The Commission has directed Oriental Insurance to pay approximately INR 38.76 Lakhs in total — including INR 31.10 Lakhs as the main claim, INR 5.66 Lakhs as surveyor fees already paid by the company, and INR 2 Lakhs toward litigation costs — along with 7% per annum interest on applicable amounts from the relevant dates until actual payment.
This is a positive outcome for Ashnoor Textile Mills as the company recovers money it was owed plus interest, which may provide a modest boost to cash flow. However, the amount (under INR 40 Lakhs excluding interest) is relatively small for a listed entity and is unlikely to materially move the stock price.