Ganesh Benzoplast Ltd receives favorable arbitration award

Ganesh Benzoplast Ltd has received an arbitration award, in its favour, in the Arbitration matter going on with Mormugao Port Trust (MPT), as disclosed under the Contingent Liabilities of the Company. In the arbitration proceedings, the Company has filed its claims, for enhanced lease rentals by MPT and delay in handing over the land to the Company, which consequently escalated the project cost and delayed the completion of the project at Goa Terminal, for which the MPT also filed its counterclaims.

The Arbitrator has rejected claims of MPT and has passed an order in favour of the Company. As per the order, the Company is entitled for an amount of Rs. 7.66 crores (Rupees Seven Crores and Sixty-Six Lacs only) out of the various claims filed by the company under the Arbitration. Apart from this, the Company is also entitled for simple interest @ of 12% p.a on excess lease rental paid by the Company to MPT over that period.

Shares of GANESH BENZOPLAST LTD. was last trading in BSE at Rs. 163.20 as compared to the previous close of Rs. 162.25. The total number of shares traded during the day was 20294 in over 1059 trades.

The stock hit an intraday high of Rs. 166.85 and intraday low of 160.80. The net turnover during the day was Rs. 3336898.00.

Source : Equity Bulls

Keywords

GANESHBENZOPLAST INE388A01029 ArbitrationAward MormugaoPortTrust