Gateway Distriparks resolves dispute with Adani Logistics on Snowman Logistics Ltd

Gateway Distriparks Limited (GDL), Adani Logistics Limited ("ALL") and Snowman Logistics Limited ("Snowman") (together, "Parties") have now mutually resolved their disputes. The Parties have signed a Settlement Agreement on 5th July 2020 ("Settlement Agreement") and pursuant thereto, the arbitration invoked by GDL against ALL is withdrawn. The Parties have agreed to the following key points in the Settlement Agreement:

- All has no right to purchase and GDL has no obligation to sell its shareholding in Snowman to ALLpursuant to the SPA or otherwise.

- GDL will continue to remain the sole promoter of Snowman and shall be solely responsible for the management and business operations of Snowman.

- ALL shall not be involved in the day to day management or business operations of Snowman and shall not have a right to nominate or appoint any director on the Board (or committee(s)) of Snowman.

- There are no further claims or counter claims by either partyagainst each other in relation to the SPA.

Shares of GATEWAY DISTRIPARKS LTD. was last trading in BSE at Rs.87.4 as compared to the previous close of Rs. 85.95. The total number of shares traded during the day was 3612 in over 259 trades.

The stock hit an intraday high of Rs. 87.55 and intraday low of 86.3. The net turnover during the day was Rs. 314326.

Shares of Snowman Logistics Ltd was last trading in BSE at Rs.29.3 as compared to the previous close of Rs. 28.9. The total number of shares traded during the day was 9005 in over 140 trades.

The stock hit an intraday high of Rs. 29.75 and intraday low of 28.95. The net turnover during the day was Rs. 264295.

Source : Equity Bulls

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