Parsvnath Developers Ltd updates on Delhi High Court verdict on arbitral award

The Hon'ble Delhi High Court vide its judgment delivered on April 3, 2018, received today by the Company, has rejected the appeal filed by Rail Land Development Authority (RLDA) under Section 34 of the Arbitration and Conciliation Act, 1996 challenging the Arbitral Award passed by the Arbitral Tribunal on November 25, 2017, whereby the claim of Rs. 1034,53,77,913/- (Rupees One Thousand Thirty-Four Crores Fifty-Three Lakhs Seventy-Seven Thousand Nine Hundred Thirteen only) made by the Company and Parsvnath Rail Land Project Pvt. Ltd., Associate Company (PRLPPL) was upheld and payment of the said amount was directed to be made by RLDA alongwith interest @ 4% per annum from July 15, 2015 till the date of payment.

Shares of PARSVNATH DEVELOPERS LTD. was last trading in BSE at Rs.13.75 as compared to the previous close of Rs. 14.25. The total number of shares traded during the day was 40605 in over 182 trades.

The stock hit an intraday high of Rs. 14.35 and intraday low of 13.55. The net turnover during the day was Rs. 562914.

Source : Equity Bulls

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