Reliance Power wins lawsuit in Indonesian Court, to get arbitration award of $68 million

Reliance Power Netherlands BV, a wholly owned subsidiary of Reliance Power Limited, has won a lawsuit in the Central Jakarta district court in Indonesia, challenging the validity of Singapore arbitration award favouring Reliance Power.

Kokos Jiang and Prestige Capital Holdings, who were respondents in the arbitration, had filed a lawsuit in Jakarta court requesting nullification of the entire arbitration award. As per the said Singapore arbitration award, arbitrators had ordered Kokos Jiang (earlier Known as Kokos Leo Lim) and Prestige Capital Holdings Limited, Seychelles to pay Reliance Power Netherlands BV a sum of US $43.2 Million along with default interest. The total dues payable by Kokos Jiang ando Prestige Capital Holdings Limited stand at $68 million as on the day of judgment. With this judgment, Indonesian court has further reinforced the ongoing award execution process.

Reliance Power is on track to execute the award for a sum of US$ 68 Million (Rs. 510 Crore) during FY 2020-21.

Shares of RELIANCE POWER LTD. was last trading in BSE at Rs.1.83 as compared to the previous close of Rs. 1.84. The total number of shares traded during the day was 2231169 in over 836 trades.

The stock hit an intraday high of Rs. 1.86 and intraday low of 1.79. The net turnover during the day was Rs. 4074661.

Source : Equity Bulls

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