Intimation - Details of pending litigations/Disputes as required uder Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Prime Urban Development India Ltd has disclosed a pending litigation involving its 50% subsidiary partnership, Prime Mall Developers. The company has filed a Section 11 application before the Madras High Court seeking appointment of an arbitrator to recover Rs. 13.30 Crore (plus interest) advanced to Biodegradable Products India Limited and Indraneel Properties Limited. The recovery relates to amounts advanced after the cancellation of a construction agreement between Prime Mall Developers and Reliance Prolific Traders Private Limited. The company has stated there are no direct financial implications on Prime Urban Development India Ltd itself, and the matter is at the stage of seeking arbitration.
This is a routine disclosure of an ongoing recovery claim and does not signal any immediate financial loss for the company. Shareholders should monitor progress of the arbitration as successful recovery of Rs. 13.30 Crore plus interest would be positive, while prolonged litigation could delay these funds.