The Singapore Arbitration has given award in the long drawn case of Himalaya Food International Ltd with Simplot USA. Simplot had claimed US $14 million plus interest since 2012 as refund against sale of French Fry line and Specialty Potato Lines.
The Tribunal has directed Simplot to return the Equipments of French Fry & Potato Specialty Lines and HFIL to pay a total of US $ 3.96 mm with further interest @ 5.33% till the date of payment from the date of award.
Company proposes to take expert advise from its Legal Counsel at Singapore for future course of action. Company can now add the FF line & Potato Specialty Lines in its Production Plans.
Shares of Himalaya Food International Ltd was last trading in BSE at Rs.4.9 as compared to the previous close of Rs. 4.75. The total number of shares traded during the day was 25361 in over 75 trades.
The stock hit an intraday high of Rs. 4.9 and intraday low of 4.55. The net turnover during the day was Rs. 120917.