Initiation of Arbitration Proceeding by our by Subsidiary
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NIS Management Ltd's subsidiary, Keertika Academy Private Limited, has initiated arbitration proceedings against Rajasthan Skill and Livelihood Development Corporation Limited (RSLDC). The dispute concerns the execution of a government skill development project (DDU-GKY) for training and placing 2,400 youth in Rajasthan. Keertika has cited COVID-19 force majeure conditions as the primary reason for delays in project timelines and deliverables. The total claim amount is approximately ₹1.57 crore (INR 1,57,29,347). The arbitrator and venue are yet to be determined as per applicable arbitration rules. No specific compensation or penalty implications have been quantified yet.
This is a formal initiation of arbitration, not a ruling, so the outcome remains uncertain. Shareholders should watch for updates, as a favourable ruling could help Keertika recover dues, while an adverse one could add financial strain on the subsidiary.