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Stock Report
InterGlobe Aviation Ltd updates on arbitral award
Posted On : 2021-09-24 22:35:43( TIMEZONE : IST )
InterGlobe Aviation Ltd is in receipt of the final arbitral award dated 23 September 2021 ("Award") issued in the arbitration proceedings initiated by InterGlobe Enterprises Private limited ("IGE") and Mr Rohul Bhatia (collectively, the "IGE Group") against Mr Rokesh Gangwol. The Chinkerpoo Family Trust and Mrs. Shobha Gangwal (collectively, the "AG Group" and, together with the IGE Group, the "Shaeholders") and the Company.
The IGE Group hod submitted a Request for Arbitration dated 1 October 2019 to the London Court of International Arbitration, India under the Shareholders' Agreement dated April 23, 2015 (as amended on September 17, 2015) (the "Shareholders Agreement") executed between, the IGE Group, the AG Group and the Company. In the arbitration proceedings, the IGE Group sought certain reliefs against the AG Group, including in relation to compliance with the Shareholders Agreement and the Company's Articles of Association ("Articles") as well as damages. The AG Group also sought certain reliefs against the IGE Group, including to carry out all requisite steps and actions, provide consents and assistance to remove certain transfer restriction provisions from the Company's Articles. The Company was named as a respondent in the arbitration proceedings. However, no monetary claims (including any compensation) were sought from the Company by the IGE Group or the AG Group.
Pursuant to the Award, no directions have been issued to the Company. The Award hos issued directions to each of the AG Group and IGE Group in relation to the relief sought by them against each other. The Award also directs the reimbursement of the costs incurred by the Company in relation to the arbitration by the IGE Group.
Shares of InterGlobe Aviation Limited was last trading in BSE at Rs. 2210 as compared to the previous close of Rs. 2187.9. The total number of shares traded during the day was 116077 in over 1611 trades.
The stock hit an intraday high of Rs. 2246 and intraday low of 2193.15. The net turnover during the day was Rs. 254844095.
