HCL Infosystems Ltd receives final arbitration award in arbitration filed against UIDAI

HCL Infosystems Limited had invoked arbitration proceedings against Unique Identification Authority of India ('UIDAI') for recovery of its dues (deductions, additional costs, etc.) towards rendering MSP Services during the extended period i.e., from 07.08.2019 till 06.08.2021, to UIDAI.

The monetary relief awarded in favour of the Company as per the arbitral award is about INR 102.81 Crore (including interest at the rate of 10% p.a. till the date of award), and future interest at the rate of 10% p.a. till its recovery.

The Counter Claims worth INR 72.71 Crore filed by UIDAI against the Company have also been disallowed.

The parties have the right to file their 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. 15.02 as compared to the previous close of Rs. 14.95. The total number of shares traded during the day was 22235 in over 220 trades.

The stock hit an intraday high of Rs. 15.12 and intraday low of 14.62. The net turnover during the day was Rs. 329380.00.

Source : Equity Bulls

Keywords

HCLInfosystems INE236A01020 ComputerHardware FinalArbitrationAward UIDAI