Surana Solar Ltd wins arbitration against Paradip Port Trust

Surana Solar Ltd was awarded an EPC contract for execution, operation & maintenance of a 10W (AC) Solar Power Plant by Paradip Port Trust (PPT) in the year 2016. However in the course of implementation, certain disputes arose between the Company and PPT with regard to the project. PPT had cancelled the LOI / terminated the contract and encashed the Performance Bank Guarantee and Mobilization advance Bank Guarantee.

The Company had challenged such arbitrary action before the Arbitral Tribunal constituted by the Hon'ble High Court of Odisha. Upon the contest, the Tribunal on 8th April, 2021 has passed an Award in favour of the Company for a sum of Rs. 8,69,34,723/- towards the amount of encashed Bank Guarantee, interest on such amount and Arbitration cost.

Shares of Surana Solar Limited was last trading in BSE at Rs.9.15 as compared to the previous close of Rs. 8.96. The total number of shares traded during the day was 11118 in over 43 trades.

The stock hit an intraday high of Rs. 9.4 and intraday low of 9. The net turnover during the day was Rs. 102096.

Source : Equity Bulls

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