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Elecon Engineering Company Ltd gets favorable decision on arbitration award

Posted On: 2019-09-04 20:25:28

Elecon Engineering Company Limited ('the Company') had initiated arbitration proceedings before the Hon'ble Arbitral Tribunal at Chennai against BGR Energy Systems Limited for recovery of various dues to the Company.

It is hereby informed that the Hon'ble Arbitral Tribunal has passed the awards dated 1st September, 2019 in favour of the Company aggregating to Rs. 37.57 Crores plus interest from the date of award till their realization. The Hon'ble Tribunal further directed BGR Energy Systems Limited to return the bank guarantees as submitted by the Company. The said awards are received today by the Company.

It is also to be noted that said arbitral awards are subject to the further recourse.

Shares of ELECON ENGINEERING CO.LTD. was last trading in BSE at Rs.30.45 as compared to the previous close of Rs. 30.25. The total number of shares traded during the day was 1947 in over 65 trades.

The stock hit an intraday high of Rs. 30.5 and intraday low of 29.75. The net turnover during the day was Rs. 58902.


Source: Equity Bulls

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