KEC International Limited has informed the Exchange about pending litigation.
KEC · price
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KEC International had won an arbitration award of Rs. 14.48 crores in 2015 against Delhi Transco Limited (DTL), which was earlier upheld by the Delhi High Court. However, on DTL's appeal, the Appellate Court of the Delhi High Court has now modified the award. As a result, Rs. 9.64 crores from the original award has been impacted, along with applicable interest. The company is in the process of filing a Special Leave Petition in the Supreme Court of India to challenge this modification.
This is a partial adverse outcome for KEC International, as a meaningful portion of its favorable award has been modified by the appellate court. Shareholders should note ongoing legal uncertainty and the potential financial impact of up to Rs. 9.64 crores plus interest, pending the Supreme Court appeal.