Manali Petrochemicals Limited has informed the Exchange about General Updates
MANALIPETC · price
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Manali Petrochemicals has informed the stock exchanges that the City Civil Court, Mumbai has dismissed a 30-year-old civil suit filed against the company (then known as U.B. Petroproducts Ltd.) by Unimark Remedies Ltd. The original suit, filed in November 1995 (Suit No. 4437 of 1995), had sought a declaration that an MOU dated 17th May 1995 was binding and had claimed specific performance and/or damages of Rs. 10.82 crore plus interest. The court passed the order in the company's favour on 11th February 2026, putting an end to this long-pending commercial dispute.
This is a positive development for shareholders as it removes a contingent liability of Rs. 10.82 crore plus interest that had been hanging over the company for nearly three decades. The ruling eliminates an old legal overhang and is unlikely to have a material impact on the stock price but confirms the company's legal position in the matter.