Pritish Nandy Communications updates on arbitration against White Feather Films

Pritish Nandy Communications (PNC) had announced that it had received an award of Rs 3.52 crore plus interest of Rs 35 lakh in its favour in the arbitration case filed against White Feather Films, proprietor Sanjay Gupta in connection with the film Kaante.

White Feather Films has gone in appeal against the award and had been directed to deposit an amount of Rs 3 crore by the Bombay High Court, which they failed to do. The Company thereafter had filled a petition for execution of the arbitration award.

In the hearing of PNC's interim application on 4th November 2020 Hon. Justice B P Colabawalla of the Bombay High Court restrained Sanjay Gupta by an order of injunction of the Court from disposing of, encumbering, alienating, transferring, parting with possession of and / or creating any sort of third party rights and / or interest in relation to his 3 properties in Pune and Khandala totaling a self-stated value of Rs 12 crore.

The Bombay High Court. took on record PNC's claim under said award would be approximately Rs 5.84 crore. Sanjay Gupta has been also directed to file a further affidavit of disclosure setting out the exact status of the properties mentioned in the Company's petition for execution of the arbitration award on/before November 25, 2020. The next hearing is scheduled on December 2, 2020.

Shares of PRITISH NANDY COMMUNICATIONS LTD. was last trading in BSE at Rs.12.34 as compared to the previous close of Rs. 11.68. The total number of shares traded during the day was 1119 in over 7 trades.

The stock hit an intraday high of Rs. 12.44 and intraday low of 11.31. The net turnover during the day was Rs. 13395.

Source : Equity Bulls

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