Vikas WSP Ltd updates on case against Economy Polymers & Chemicals

Vikas WSP Ltd had filed a case against USA company Economy Polymers & Chemicals in the year 2013 for US$.227.73 million. The dispute was subsequently settled at US$.80 million out of Court in Nov/Dec 2014.

After settlement a sum of US$.40 million was paid by Economy Polymers USA in 2014-15. Due to intervention by a creditor Economy Polymers USA stopped further payment of US$.40 million. On 27th March the said person was deposed in the Houston Court and who clarified during witness that he has not supplied any guar seeds for Economy Polymers to Vikas under Economy PO 9499. Hence the case is likely to prove in favour of your company in times ahead.

The next date of arguments is likely to be fixed by the Houston District Court in the month of May 2018.

Shares of VIKAS WSP LTD. was last trading in BSE at Rs.12.7 as compared to the previous close of Rs. 12.9. The total number of shares traded during the day was 174040 in over 247 trades.

The stock hit an intraday high of Rs. 13.1 and intraday low of 12.4. The net turnover during the day was Rs. 2193668.

Source : Equity Bulls

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