HCL Infosystems Limited is hereby informing the exchange about the order received by its wholly owned subsidiary, i.e. HCL Infotech Limited.
HCL-INSYS · price
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Awaiting price reaction for this filing.
HCL Infosystems' wholly owned subsidiary HCL Infotech Limited has received a favorable interim order from the High Court of Himachal Pradesh. The court has allowed HCL Infotech to withdraw the remaining INR 4.96 Crore (including interest) deposited by Himachal Pradesh State Electricity Board (HPSEBL) in connection with a RAPDRP project. Withdrawal is permitted against submission of a bank guarantee for the equivalent amount. This is linked to an arbitration award dated 15.03.2024 (as amended on 09.05.2024) that was in HCL Infotech's favor, against which HPSEBL had filed an appeal. Both parties retain the right to file further appeals, so the matter is not fully closed.
Positive for the company as it gets access to INR 4.96 Crore of funds (against a bank guarantee) that were locked up in the dispute, improving liquidity at the subsidiary level. However, the underlying appeal by HPSEBL is still pending, so the final outcome remains uncertain and investors should watch for further developments.