Disclosure under reg 30 of sebi lodr: Order from Employee Compensation cum joint labour Commissioner in favour of company
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NIS Management Ltd has received a favorable order from the Employee's Compensation-cum-Joint Labour Commissioner in Bhubaneswar in E.C. Case No. 8 of 2020. The case stemmed from a workplace accident on 1st July 2015, with a claim for compensation of ₹12,74,066. The Commissioner ruled that the insurer, New India Assurance Company, is solely liable to pay the compensation amount along with interest at 12% per annum from the date of the accident until actual payment. The company has explicitly stated it bears no financial liability, as all amounts must be paid by the insurer. This order closes the company's exposure in a decade-old case in its favor.
Positive for shareholders — NIS Management faces no out-of-pocket liability, and the full compensation burden shifts to the insurer. The order removes an old contingent liability, with no material financial impact on the company's books.