Ganesh Benzoplast Ltd receives favorable arbitration award

Ganesh Benzoplast Ltd has received an Arbitration award in its favor, in the arbitration matter going on with The Oil and Natural Gas Corporation Limited (ONGC).

The Arbitration was filed by the Company in 2014 against ONGC for pre-mature termination of the contract for Operation, Maintenance and Management of Marine Geotechnical & Diving Services for the vessel "GTV Samudra Sarvekshak", resulting in huge operating and financial loss to the company. The order was passed by Arbitral Tribunal on October 31, 2023 in favor of the Company by admitting the claims filed by the Company and directed the ONGC to pay the following amount as full and final award:

An amount of US $ 1,355,500 (One Million Three Hundred Fifty-Five Thousand Five Hundred US Dollars); and also, an amount of Rs.30,40,900/- (Rupees Thirty Lakh Forty Thousand Nine Hundred only) to the Company towards cost and damages, with interest @12% per annum from the date of the Award till the date of payment of amount i.e. realization of amount.

Shares of GANESH BENZOPLAST LTD. was last trading in BSE at Rs. 141.00 as compared to the previous close of Rs. 141.75. The total number of shares traded during the day was 9032 in over 284 trades.

The stock hit an intraday high of Rs. 144.00 and intraday low of 140.00. The net turnover during the day was Rs. 1280337.00.

Source : Equity Bulls

Keywords

GANESHBENZOPLAST INE388A01029 ArbitrationAward ONGC