Polyplex Corporation Limited has informed the Exchange about initiation of arbitration proceedings against one of the subsidiaries of the Company by the minority shareholder of another step-down subsidiary
POLYPLEX · price
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A minority shareholder of EcoBlue Limited, Thailand (a step-down subsidiary) has filed arbitration against Polyplex (Thailand) Public Company Limited (PTL), a subsidiary of Polyplex Corporation, before the Thai Arbitration Institute. The minority shareholder is seeking to compel PTL to purchase its shareholding in EcoBlue, with a claim of THB 1,312 million (approximately Rs 345.06 crore). The company has stated that PTL will defend the case on merits, arguing it is not obligated to buy the shares under the terms of the Shareholders Agreement. The company has also said the financial impact is not determinable at present but is not expected to be material, and that normal business operations of PTL remain unaffected.
While the Rs 345 crore claim is sizeable, the company expects it to be non-material and says operations continue normally. The outcome remains uncertain as the arbitration is in early stages, and the share buyout obligation under the Shareholders Agreement will be a key point of dispute.