Veedol Corporation Limited has informed the Exchange regarding Receipt of Insurance Claim Repudiation Letter
VEEDOL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Veedol Corporation Limited has received a repudiation letter from National Insurance Company Limited rejecting their insurance claim. The claim was related to a fire incident that occurred at a third-party depot in Bhiwandi, District Thane, Maharashtra, which was first disclosed on 5th October, 2024. The company had lodged the insurance claim on 5th February, 2025, but National Insurance Company has now refused to honour the claim. The company has stated it is evaluating all available options and remedies in the matter and will intimate the exchanges of any material developments.
This is a negative development for shareholders as the company may now have to bear the full financial loss from the fire incident without insurance recovery. The company may also incur additional legal costs if it decides to challenge the repudiation.