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 ruled in favor of Voltas Limited (through Kentz Voltas Consortium) in a dispute with OHL International, Spain and Contrack (Cyprus) Limited. The court ordered OHL&C to pay QAR 163.62 million (approximately ₹425.58 crores) for outstanding subcontract payments and 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. Voltas has filed an application for execution of this order. The company states there are no negative financial implications and no claims on the company.
This is a positive development for Voltas as the company stands to receive approximately ₹962.26 crores (₹425.58 + ₹104.04 + ₹433.64 crores) through the judgment, compensation, and return of bank guarantees. The favorable ruling eliminates uncertainty around this long-pending dispute.