Varroc Engineering Limited updates on enforcement award

Varroc Engineering Limited has disclosed the details of the enforcement award dated April 3, 2025, issued by the Eastern Caribbean Supreme Court, British Virgin Islands ("Enforcement Award"), in connection with enforcement proceedings initiated by VarrocCorp Holding B.V. jointly with Varroc Engineering Limited (collectively referred to as "Varroc") against Beste Motors Co. Ltd., British Virgin Islands and Varroc TYC Corporation, British Virgin Islands, for implementation of the ICC Singapore Award dated December 11, 2024 passed by the Arbitral Tribunal constituted under ICC Rules ("ICC Award, Singapore"). The final copy of the Award was received on April 16, 2025.

ICC Singapore had passed an award dated December 11, 2025 (ICC Award) under arbitration initiated by Varroc due to disputes with TYC arising out of TYC's breaches of the shareholders' agreement dated January 29, 2013 and the articles of association of their joint venture companies i.e.: (i) Varroc TYC Auto Lamps Co. Ltd., Changzhou, China, and (ii) Varroc TYC Auto Lamps Co. Ltd., Chongqing, China (collectively referred to as "JV Subsidiaries").

Varroc had initiated enforcement proceedings in Eastern Caribbean Supreme Court, British Virgin Islands (BVI Court) for the enforcement of the ICC Award and the BVI Court has passed the present order enforcing the same.

The BVI Award states that VarrocCorp Holding B.V., Netherlands (wholly owned subsidiary of the Company) shall transfer its 50% shareholding in Varroc TYC Corporation, British Virgin Islands (and consequently, its interest in the JV subsidiaries) to Beste Motors Co. Ltd., British Virgin Islands, for a consideration of RMB 310.5 million less applicable withholding tax, within 28 days of the date of Enforcement Award. Additionally, the Enforcement Award has directed that Varroc be reimbursed for the costs of the enforcement proceedings.

Shares of Varroc Engineering Limited was last trading in BSE at Rs. 436.15 as compared to the previous close of Rs. 432.75. The total number of shares traded during the day was 9580 in over 496 trades.

The stock hit an intraday high of Rs. 447.45 and intraday low of 426.00. The net turnover during the day was Rs. 4188195.00.

Source : Equity Bulls

Keywords

VarrocEngineering INE665L01035 Arbitration EnforcementAward