Please find enclosed herewith intimation under Regulation 30 for Settlement of matter related to M/s. Ramdev Resins Private Limited.
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Harish Textile Engineers has amicably settled a long-pending dispute with M/s. Ramdev Resins Private Limited that originated from an arbitration award passed in November 2023. The Bombay High Court had issued a warrant for execution of the award, which involved attachment of the company's own registered office property at Andheri East, Mumbai. The company has now paid Rs. 28.41 lakhs as full and final settlement and received a No Due Certificate dated 12 June 2025. The party will file detailed consent terms with the Bombay High Court in due course. The company also noted that the settlement will result in reversal of excess interest previously provided in its books.
This is a positive development for shareholders as it removes the overhang of a court-ordered property attachment threat on the company's registered office. The Rs. 28.41 lakh payout is modest, and the reversal of excess interest provisions should provide a small one-time benefit to earnings.