Disclosure of litigation under Regulation 30
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Awaiting price reaction for this filing.
Bihar Sponge Iron has informed BSE that a case has been filed against it by M/s BN Brothers in the court of Judicial Magistrate, Howrah. The case relates to an alleged monetary claim of Rs. 39.10 lakhs stemming from an old transaction. The company, based on legal advice, has firmly denied the claim, stating it is time-barred under the Limitation Act, 1963, and without merit. It is taking all necessary legal steps to defend itself. The company has stated that the claim amount is not material as per its materiality policy and there will be no material impact on its operations.
The dispute is for a relatively small amount and the company has called it immaterial with no expected financial impact. Shareholders are unlikely to see any meaningful effect on the stock, though the litigation will need to be tracked until dismissed.