HCL Infosystems Limited updates on final arbitration award against GNCTD

HCL Infosystems Limited has received final arbitration award, in the arbitration filed by the Company against Government of National Capital Territory of Delhi ("GNCTD") for recovery of dues against setting up and maintaining a wireless Secured Communications Network (TETRA) and the summary of the award is as under:

1. The monetary relief awarded in favour of the Company as per the arbitral award is Rs. 4.5 crores alongwith interest @8% per annum from the date of the award till payment.

2. The Counter Claims worth Rs. 163 Crores filed by the GNCTD against the Company have also been disallowed.

The parties have the right to file respective objection against the award, if any, before the appropriate court of law.

Shares of HCL Infosystems Limited was last trading in BSE at Rs. 20.00 as compared to the previous close of Rs. 19.48. The total number of shares traded during the day was 476961 in over 1635 trades.

The stock hit an intraday high of Rs. 20.45 and intraday low of 19.65. The net turnover during the day was Rs. 9634383.00.

Source : Equity Bulls

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HCLInfosystems INE236A01020 FinalArbitrationAward GNCTD