Ganesh Benzoplast Ltd's subsidiary receives favorable arbitration award

Infrastructure Logistic Systems Limited (ILSL) a subsidiary Company of Ganesh Benzoplast Limited has received an Arbitration award in its favor, in the arbitration matter going on with Indorama Synthetics (I) Ltd.

The Arbitration was filed by Indorama in October 2015, ILSL also filed counter claim against Indorama for not honoring the terms of the Transportation Agreement entered on August 27, 2012, from JNPT Port to Nagpur/butibori rail sliding by Railway tankers. The order was passed by arbitral tribunal in favor of ILSL by partial admitting the counter claim filed by the company and directed the Indorama to pay as under:

Under this award, ILSL will get its counter claim for sum of Rs. 19,09,51,545/-, (Rupees Nineteen Crores Nine Lacs Fifty-One Thousand Five Hundred Forty-Five Only). Out of the above amount, the amount of Rs. 10,20,79,263/- (Rupees Ten Crores Twenty Lacs Seventy-Nine Thousand Two Hundred Sixty-Three Only) shall carry future interest of 12% per annum from the date of award till date or realization.

Shares of GANESH BENZOPLAST LTD. was last trading in BSE at Rs. 199.70 as compared to the previous close of Rs. 176.10. The total number of shares traded during the day was 773364 in over 12202 trades.

The stock hit an intraday high of Rs. 209.15 and intraday low of 176.80. The net turnover during the day was Rs. 150845943.00.

Source : Equity Bulls

Keywords

GANESHBENZOPLAST INE388A01029 ArbitrationAward Favorable InfrastructureLogisticSystems