Sterling and Wilson Renewable Energy Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
SWSOLAR · price
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Awaiting price reaction for this filing.
A Standby Letter of Credit (SBLC) of USD 7,187,989.98 (approximately INR 63.47 Crores) issued in favour of customer Montague Solar LLC has been called (drawn down) and reimbursed by Sterling and Wilson Solar Solutions Inc. (SWSS), the company's US step-down subsidiary. This is a continuation of disclosure made under Note 7(c) of the Q1 FY26 (June 30, 2025) unaudited consolidated results. The company states that SWSS will examine and pursue recovery from the customer as part of ongoing litigation between the parties. The quantum involved is roughly INR 63.47 Crores, which is a material cash outflow for the subsidiary.
This is a negative event — INR 63.47 Crores has effectively been paid out due to a customer dispute, which is a meaningful hit. However, the company is contesting and intends to recover the amount through ongoing litigation, so the final outcome for shareholders will depend on the resolution of that case.