Disclosure about Arbitration Award in favour of Suraj Products Limited
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Suraj Products Limited has won an arbitration award dated 26 November 2025 against M/s Everllence India Private Limited (formerly MAN Energy Solutions India Pvt Ltd). The dispute related to a 6 MW Steam Turbine Generator (STG) that failed to deliver its promised output. The Arbitral Tribunal in New Delhi, comprising retired Supreme Court judges, ruled in favour of the company. The respondent has been asked to pay approximately ₹7.46 crore (inclusive of 12% interest up to the award date). Additionally, the company is entitled to a refund of the STG cost of ₹4.63 crore along with 18% interest per annum from October 2020, plus litigation costs. If the respondent delays payment beyond 30 days from the award date, interest will rise to 18% per annum.
This is a positive development for shareholders, as Suraj Products stands to recover over ₹7.46 crore plus additional interest and litigation costs. Actual receipt of funds depends on the respondent honouring the award, but the ruling strengthens the company's financial position if collected.