Please find enclosed response to your email dated May 06, 2025 seeking additional details in relation to our announcement dated May 05, 2025. This is for your information and records.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.0 pts less than Nifty Microcap 250 and 1.9 pts less than its Residential, Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Delhi High Court pronounced an order on May 1, 2025 in connection with a Section 34 petition filed by the company to challenge an Arbitral Award dated October 16, 2019. As per the disclosed details, the company has been held jointly and severally liable along with other parties to pay approximately Rs. 6.57 crore, with interest at a steep 38.85% per annum from the date of the award till actual payment. The company stated it plans to take further permissible legal steps and claimed there is no material financial impact at this stage. The disclosure was delayed and the company apologized to BSE for the inconvenience caused.
This is an unfavorable outcome for shareholders, as the company remains exposed to a liability of around Rs. 6.57 crore plus very high cumulative interest of 38.85% per annum since 2019, which could significantly impact financials if not set aside on further appeal. The company's claim of 'no material impact' may understate the actual exposure and could weigh negatively on the stock once the market digests the liability.