Deep Industries Ltd awarded Rs. 54.60 crores arbitration claim

The Hon'ble Arbitration tribunal has pronounced the award on May 19, 2022 in favour of Deep Industries Ltd declaring that the termination of Hiring of Gas Dehydration Systems Phase - I contract by ONGC vide letter dated July 31,2017 is held to be illegal and also contravened the provisions of the contract agreement and is hereby set-aside.

The Hon'ble Arbitration tribunal has also directed ONGC to pay aggregate amount of Rs. 54.60 Crores against the claims of Liquidated damages, compensation and other charges etc.

Shares of Deep Industries Ltd was last trading in BSE at Rs. 219.95 as compared to the previous close of Rs. 219.55. The total number of shares traded during the day was 18957 in over 660 trades.

The stock hit an intraday high of Rs. 229.50 and intraday low of 217.80. The net turnover during the day was Rs. 4232505.00.

Source : Equity Bulls

Keywords

DeepIndustries INE0FHS01016 ArbitrationAward ONGC