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Stock Report
CyberMedia settles its major legal cases, Group to monetise dormant assets and chart out new growth path
Posted On : 2024-12-12 22:05:27( TIMEZONE : IST )
Cyber Media (India) Ltd ('CMIL') including its subsidiaries have settled its major legal cases.
a) A Petition had been filed before the Hon'ble High Court of Delhi by a US citizen, an Ex-employee of Cyber Media India LLC (Wholly Owned Subsidiary of CMIL, which was dissolved on March 08, 2021), alleging a demand of USD 2.2 Mn under an ex-parte arbitral foreign award dated October 12, 2022, against CMIL, its subsidiaries and its Chairman.
Necessary disclosures were made to the Stock Exchanges and appropriate notes were included in the balance sheet of the company. Over the last 18 months, we have contested the matter in the High Court.
In the spirit of buying peace, the parties have agreed to settle the matter at an amount of USD 1Mn.
CMIL will raise this amount by monetising dormant assets (real estate and investments) and infusion of fresh funds by promoters. This will ensure that the business and cash flow of CMIL or any of its subsidiaries, is not affected by this event.
b) Demands aggregating Rs. 9 Cr (Rs. 1 Cr for CMIL and Rs. 8 cr for its subsidiary) were raised by the GST Department which were successfully contested in the High Court which reverted the matter back to the department. The department has revised its demand to a nominal amount which has been paid and the matter stands disposed.
Necessary stock market and balance sheet declarations have been provided as per legal advice from time to time.
c) Towards monetising dormant assets, CMIL has leased some floor space to Canara Bank, which will aggregate to 5 cr over the 15-year long-term lease.
The Group continues to push for growth with fiscal prudence without any diversions.
Shares of Cyber Media (India) Limited was last trading in BSE at Rs. 26.76 as compared to the previous close of Rs. 27.20. The total number of shares traded during the day was 3210 in over 44 trades.
The stock hit an intraday high of Rs. 27.39 and intraday low of 26.26. The net turnover during the day was Rs. 86931.00.
