Orient Electric Ltd settles dispute out of court

Orient Electric Limited (the "Company"), Orient General Agencies (Bombay) Private Limited ("OGA") and Apollo Supply Chain Private Limited (formerly known as ALCO Logistics Private Limited ("Apollo") have agreed for out of Court settlement of all the disputes between them. As per the terms of the settlements, OGA and Apollo have agreed to pay a consolidated amount of Rs. 3 crores and Rs. 2.75 crores, respectively, as full and final settlement towards satisfaction of all damages, losses and claims raised by OEL and counter claims by OGA and Apollo, in various courts across the country. The Company has received 100% amount from OGA and 10% from Apollo while the balance amount will be paid by Apollo on or before March 31, 2023.

Shares of Orient Electric Limited was last trading in BSE at Rs. 260.80 as compared to the previous close of Rs. 264.40. The total number of shares traded during the day was 1766 in over 180 trades.

The stock hit an intraday high of Rs. 264.75 and intraday low of 259.40. The net turnover during the day was Rs. 463083.00.

Source : Equity Bulls

Keywords

OrientElectric INE142Z01019 OutofCourt Settlement