Kiri Industries Ltd updates on appeal filed at Singapore Court of Appeal

Kiri Industries Limited, ("Company") has significantly succeeded in the appeal filed with the Singapore Court of Appeal with regards to Singapore International Commercial Court's order dated March 3, 2020 for payment of damages by the Company to DyStar under their claim in the case# SIC3. As per court of appeal's order dated October 19, 2020, in favour of the Company, damage amount needs to be recalculated based on directions given in their order. Hence, now the amount that the company needs to pay will be significantly reduced compared to what SICC had awarded earlier, US$ 494,380.53 vide order dated March 3, 2020.

In addition, on the basis of the success, the Court of Appeal has also awarded the company 50% cost of the appeal which is to be paid by DyStar to the company.

Shares of KIRI INDUSTRIES LTD. was last trading in BSE at Rs.465 as compared to the previous close of Rs. 437.9. The total number of shares traded during the day was 27496 in over 2009 trades.

The stock hit an intraday high of Rs. 484.95 and intraday low of 439.55. The net turnover during the day was Rs. 12759885.

Source : Equity Bulls

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