JSW Energy Limited has informed the Exchange regarding 'Update on material litigation under Regulation 30(4) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
JSWENERGY · price
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JSW Energy has informed the stock exchanges that four of its step-down wholly owned subsidiaries — Mytrah Vayu (Tungabhadra), Mytrah Vayu (Krishna), Mytrah Vayu (Pennar) and Mytrah Vayu (Indravati) — have filed writ petitions before the Andhra Pradesh High Court. The petitions challenge a specific provision (first proviso to sub-rule 3 of rule 6) of the Electricity (Late Payment Surcharge and Related Matters) Rules, 2022. Southern Power Distribution Company of Andhra Pradesh and the AP Power Coordination Committee had used this provision to deny the subsidiaries payment of certain dues, including late payment surcharge, totalling about Rs. 506.52 crores. The subsidiaries are now seeking legal relief to recover these amounts.
This is a positive step for shareholders as JSW Energy is actively pursuing recovery of Rs. 506.52 crores in dues. A favourable ruling could materially boost cash flows at the subsidiary level, while an adverse outcome may force the company to absorb the loss. The stock is unlikely to react sharply until the court outcome is clearer.