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 before the Madras High Court under Section 11 of the Arbitration Act, seeking appointment of an arbitrator. The dispute involves a claim for refund of Rs. 13.30 crore (plus interest) that was advanced by Prime Mall Developers (in which Prime Urban holds a 50% partnership) to its other partners, Biodegradable Products India Ltd and Indraneel Properties Ltd. The refund claim arose after the cancellation of a construction agreement between Prime Mall Developers and Reliance Prolific Traders Private Limited. The company has stated that no direct financial implication in the form of compensation or penalty is expected from this dispute at this stage.
This is a routine disclosure of an ongoing legal matter. Shareholders should note the Rs. 13.30 crore exposure tied to a partnership venture, but since the matter is at the stage of seeking an arbitrator and no adverse order has been passed, near-term impact on the stock is likely limited. Investors should monitor further updates on the arbitration proceedings for any material developments.