Kalpataru Projects International Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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Kalpataru Projects International's wholly-owned subsidiary Wainganga Expressway Private Limited (WEPL) has received an Intention to issue Termination Notice from the National Highways Authority of India (NHAI), alleging continued default in premium payments and other issues under their Concession Agreement, with an arbitrary claim of INR 351.46 Crore that WEPL is disputing. This is the latest update in a long-running dispute: WEPL had originally won an arbitration award in its favor on July 31, 2024, where the tribunal allowed several of its claims against NHAI and directed compensation to be computed. NHAI then challenged that award in November 2024 under Section 34 of the Arbitration Act. WEPL believes the new termination notice will not have significant financial implications, since the same issues were already addressed in the arbitration award in its favor, and is evaluating legal options.
Investors should view this as an ongoing legal battle rather than a definitive loss, since WEPL already holds a favorable arbitration award covering similar issues and counter-claims are due from NHAI. However, the INR 351.46 Cr claim and termination threat may create short-term uncertainty and keep the stock volatile until the dispute is resolved.