MBL Infra wins Arbitration Award for a sum of Rs 17.24 crores

The Learned Arbitral Tribunal passed unanimous Award dated 23.03.2024 in favour of the Company against Public Works Department, Government of Uttarakhand for a completed Road project of "Improvement / Strengthening of State Roads, Contract Package no. 5" in the state of Uttarakhand for a sum of Rs 17.24 crores (including interest upto the date of Award) plus future interest of 12% p.a. from the date of Award to the actual date of payment unless the same is paid within 90 days of the date of the Award along with declaratory award of GST.

"The arbitration award is a result of our continued efforts for realization of our contractual dues. We are hopeful of receiving more awards/orders in near future in various pending proceedings and shall continue our persuasion for realization of our contractual dues which will further improve the overall liquidity and financial position of the Company." said Mr Surender Aggarwal, Executive Director, while addressing the Company officials.

Shares of MBL Infrastructures Limited was last trading in BSE at Rs. 51.67 as compared to the previous close of Rs. 49.21. The total number of shares traded during the day was 1329 in over 15 trades.

The stock hit an intraday high of Rs. 51.67 and intraday low of 51.67. The net turnover during the day was Rs. 68669.00.

Source : Equity Bulls

Keywords

MBLInfrastructures INE912H01013 Favorable ArbitralAward