Intimation- Update on a pending material litigation as required under Regulation 30 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015
VOLTAS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Court of Appeal in Qatar has delivered a judgment in favor of Voltas Limited in a dispute with the joint venture of OHL International, Spain, and Contrack (Cyprus) Limited. The court has ordered OHL&C to pay QAR 163.62 million (approximately ₹425.58 crores) to KVC for outstanding subcontract dues, plus QAR 40 million (approximately ₹104.04 crores) as compensation. Additionally, bank guarantees worth QAR 166.72 million (approximately ₹433.64 crores) must be returned to Voltas within 10 days. All counterclaims filed by OHL&C have been dismissed. The company has already filed an application to execute the order. There are no negative financial implications for Voltas.
The judgment is positive for Voltas as it will receive over ₹529 crore in payments plus recovery of bank guarantees of ₹433.64 crore. This represents a significant favorable outcome that strengthens the company's financial position.