Pursuant to SEBI Listing Regulations, we hereby inform you that the Company has invoked arbitration for the resolution of dispute that has arisen between the Company and the M/s. Orient ....
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Awaiting price reaction for this filing.
Comfort Intech Limited has initiated arbitration proceedings against M/s. Orient Electric Limited over a dispute related to a Vendor Agreement signed on April 20, 2024, for online sales business. The company alleges that Orient Electric breached the terms of the agreement, and amicable resolution efforts failed. The arbitration will be conducted under Clause 21(D) of the agreement through the Delhi International Arbitration Centre. The Board has indicated that financial implications may be material, though the exact quantum of claims has not yet been determined and will be established during the arbitration process.
This development introduces uncertainty for shareholders as the financial impact is undisclosed but potentially material. The stock may see volatility depending on arbitration outcomes, and investors should monitor updates on the quantum of claims and any settlement or ruling.