Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the Company has received an order dated 6th May, ....
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Kemp & Company Ltd has received a favorable order dated May 6, 2025 from the Court of Small Causes, Mumbai, in a Mesne Profit application against Burroughs Wellcome (India) Limited. The order relates to an old eviction suit filed by the company in 2001, concerning a 15,000 sq. ft. premises at DGP House, Old Prabhadevi Road, Mumbai. The court has directed Burroughs Wellcome to pay approximately Rs. 38.07 crores, comprising Rs. 87.09 lakhs as mesne profits and Rs. 37.19 crores as simple interest at 9% per annum, for their possession of the premises from June 1, 2001 to January 8, 2002.
This is a positive development for shareholders as Kemp & Company stands to recover a significant amount of around Rs. 38 crores from Burroughs Wellcome, which could boost the company's cash flows and earnings, though actual recovery will depend on Burroughs Wellcome's compliance with the order.