Visaka Industries Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
VISAKAIND · price
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Awaiting price reaction for this filing.
The Telangana High Court has dismissed the appeal filed by the Hyderabad Cricket Association (HCA) against Visaka Industries, upholding the earlier order of the Commercial Court dated July 19, 2024. The dispute relates to an October 2004 agreement for naming and advertisement rights at the Uppal Cricket Stadium in Hyderabad, which HCA allegedly violated. Visaka had originally won an arbitration award of ₹25.92 Crores plus interest on March 15, 2016, and this has now been fully confirmed through the court process. The company expects a positive financial impact from the order. HCA still has the right to further appeal in the Supreme Court.
Positive for shareholders as the ₹25.92 Crore arbitration award plus interest is now legally confirmed in Visaka's favour, though the final recovery still depends on HCA's potential Supreme Court appeal and subsequent enforcement.