Ashapura Minechem Ltd updates on arbitration against Cargill International Trading PTE Ltd

The High Court of Karnataka at Bengaluru vide its Order No. AP.EFA NO. 2/2020 dated 19th December, 2023, received by us on 8th January, 2024, rejected the Company's objections to the enforcement of the Foreign Award under Sections 48[1][b], 48[1][c] and 48[2] of the Arbitration and Conciliation Act, 1996, in the matter of M/s Cargill International Trading PTE Limited.

M/s Cargill International Trading PTE Limited filed a Petition for the enforcement of the Foreign Arbitration Award amounting to Rupees Forty-Nine Crore Seventy-One Lakh (approx.) dated 28.05.2010 in SIAC Arbitration No.014/2009 in the arbitration proceedings conducted at Singapore by a learned Arbitrator with the Singapore International Arbitration Centre (SIAC) against the Company.

The High Court of Karnataka at Bengaluru rejected the Company's objections to the enforcement of the Foreign Award under Sections 48[1][b], 48[1][c] and 48[2] of the Arbitration and Conciliation Act, 1996 in the matter of M/s Cargill International Trading PTE Limited.

The matter is still pending for further orders on enforcement. The Company will be filing a Special Leave Petition (Civil) before the Hon'ble Supreme Court of India at New Delhi, challenging the order passed by The Hon'ble High Court of Karnataka in the aforesaid matter.

Shares of Ashapura Minechem Limited was last trading in BSE at Rs. 418.85 as compared to the previous close of Rs. 420.85. The total number of shares traded during the day was 14091 in over 613 trades.

The stock hit an intraday high of Rs. 429.00 and intraday low of 416.05. The net turnover during the day was Rs. 5941739.00.

Source : Equity Bulls

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AshapuraMinechem INE348A01023 ArbitrationUpdate