Jindal Drilling And Industries Ltd receives favorable award from Arbitration Tribunal

Jindal Drilling And Industries Limited had a claim of USD 14.77 Million (equivalent to Rs. 66.33 crores as on 31/03/2011 [Note 39(A) (i) a) of Annual Report for FY 2023-24]) against Oil and Natural Gas Corporation Limited (ONGC), being the charter hire / directional drilling service charges receivable by the Company.

The Arbitration Panel constituted under the directions of Hon'ble Supreme Court has pronounced the Award on 03 April 2025 in favour of the Company.

As per Audited Financial Statements for FY 2023-24, Rs. 66.33 Crore was shown as receivables from ONGC and Rs. 166.75 Crore was shown as Other Financial Liabilities [Note 21(1) of Annual Report of FY 2023-24].

In view of the aforesaid Award of Arbitration Tribunal, receivables of Rs. 66.33 crores will be adjusted against Other Financial Liabilities and balance amount of Rs. 100.42 Crore shall be transferred to Profit & Loss Account, resulting in an equivalent increase in profit. The Company is seeking requisite directions from appropriate Forum for implementing the Award of the Arbitration Tribunal as referred above.

Shares of Jindal Drilling And Industries Limited was last trading in BSE at Rs. 808.55 as compared to the previous close of Rs. 859.10. The total number of shares traded during the day was 53299 in over 2206 trades.

The stock hit an intraday high of Rs. 855.00 and intraday low of 790.70. The net turnover during the day was Rs. 44069148.00.

Source : Equity Bulls

Keywords

JindalDrillingAndIndustriesLimited INE742C01031 511034 JINDRILL ExplorationandProduction