VA Tech Wabag Ltd wins arbitration award against Kerala Water Authority

VA TECH WABAG LTD (WABAG) has won an Arbitration award against Kerala Water Authority.

The Hon'ble High Court of Kerala had appointed Justice (Retd) A. V. Ramakrishna Pillai, former judge of the Kerala High Court as sole arbitrator vide an order dated 17.12.2019 for adjudicating the disputes that arose between the parties in the contract agreement no. 10/2006 dated 13.10.2006 for the works of JBIC Assisted Kerala water supply project package-1 works for Cherthala Scheme, Intake Water, Raw Water Transmission Main and Water Treatment plant.

The Hon'ble Arbitrator has rejected the Counter Claims filed by Kerala Water Authority of Rs. 83 Crores and allowed the Claims of VA TECH WABAG LTD of return of Bank Guarantee (BG) amount of Rs. 23,24,29,700/-and release of Rs. 12,86,70,359/- along with 9% interest from the date of award i.e. 03.07.2024 till the date of realization of payment.

Total award as on 03.07.2024 is Rs. 36,11,00,059/-.

Shares of VA Tech Wabag Limited was last trading in BSE at Rs. 1331.45 as compared to the previous close of Rs. 1308.05. The total number of shares traded during the day was 24177 in over 2107 trades.

The stock hit an intraday high of Rs. 1341.15 and intraday low of 1310.55. The net turnover during the day was Rs. 32088938.00.

Source : Equity Bulls

Keywords

VATechWabag INE956G01038 ArbitrationAward KeralaWaterAuthority