SLP filed against PNC Infratech in an arbitration matter dismissed

PNC Infratech Limited had received Rs. 145.27 crore in August 2019, towards an arbitration award published in its favour, which was upheld by the Hon'ble High Court of Delhi vide its final judgement and order No. FAO(OSXCOMMI No. l74l2ol9 dated 26 July 2019, in one of the NHAI'S EPC projects namely 'widening and strengthening of NH-24 section from km 93.00 to 149.25 to four lane standards'.

NHAI filed a Petition for 'Special Leave' in Hon'ble Supreme Court of India seeking to Appeal the said final judgment and order of the Hon'ble High Court of Delhi, in 2020. Accordingly, Company treated the said realized amount of Rs. 145.27 crore as a 'Contingent Liability' in its 'Books of Account' and reflected the same in Company's Audited Financial Statements of FY 21 &22.

Upon hearing the Parties at length, the Hon'ble Supreme Court of India dismissed the said Special Leave Petition on 20.10.2022, in favour of the Company. Therefore, the 'Contingent Liability' of Rs. 145.27 crore being shown in the Company's Books of Account stands cleared and ceased.

Shares of PNC Infratech Limited was last trading in BSE at Rs. 258.40 as compared to the previous close of Rs. 256.90. The total number of shares traded during the day was 13442 in over 703 trades.

The stock hit an intraday high of Rs. 260.00 and intraday low of 256.00. The net turnover during the day was Rs. 3463942.00.

Source : Equity Bulls

Keywords

PNCInfratech INE195J01029 SLP Dismissed ArbitrationMatter