An update on earlier intimation submitted on Order from Hon'ble Supreme Court of India under Regulation 30. Detailed Letter is enclosed.
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SEPC Limited has provided an update on a Supreme Court order passed on 29 April 2025 in a case between GPE (India) Ltd and Twarit Consultancy Services Pvt Ltd. The Supreme Court directed the Respondent (Twarit Consultancy) to remit Rs 120 Crores to the Court's Registrar within two days, along with interest at 7.25% per annum from 7 January 2021 (date of the original Arbitral Award) to be deposited within three weeks. Twarit Consultancy has already deposited the Rs 120 Crore Demand Draft on 1 May 2025. The matter arises from an arbitration award enforcement and relates to an earlier Supreme Court order dated 17 May 2024 regarding repatriation of funds. SEPC has clarified that this order has no financial impact on the company as it is fully indemnified under a 2015 agreement with Twarit Consultancy and Shri Housing Pvt Ltd.
No direct financial impact on SEPC Limited shareholders as the company is fully protected by an indemnification agreement covering this matter. The Rs 120 Crore deposit has already been made by Twarit Consultancy, reducing execution risk. The matter is procedural compliance related to an underlying arbitration award enforcement and should not materially affect SEPC's financials or operations.