NACL Industries Ltd has announced regarding insurance claim pertaining to fire accident that occurred at the Company's Srikakulam plant on 30th June, 2012 and the arbitration proceedings initiated against The Oriental Insurance Company Limited (InsuranceCo) with respect to Insurance Company's deductions made in the assessment and settlement of the insurance claim, besides not considering claim for 'Loss of Profit'(LoP) and interest on delayed settlement.
The Hon'ble Arbitrator has pronounced the following two awards in favor of the Company with an aggregate amount of Rs.24 crs plus interest @ 13% from the date of award till the date of payment (1)Material Damage and Interest for delayed settlement of claim: Award amounting to Rs.10.48crs; (2)Loss of Profit (LoP) claim Award amounting to Rs.13.52 crores. It is also to be noted that the Insurance Company has the right to recourse against this award as per the provisions of Arbitration & Conciliation Act 1996.
Shares of NACL Industries Ltd was last trading in BSE at Rs.27.45 as compared to the previous close of Rs. 27.15. The total number of shares traded during the day was 5905 in over 17 trades.
The stock hit an intraday high of Rs. 27.55 and intraday low of 27. The net turnover during the day was Rs. 162292.