Anil Ambani’s days are going very well. Wherever you put your hands, you are finding success. Now he has received a big relief from the Calcutta High Court. The Calcutta High Court has upheld the verdict in favor of Reliance Infrastructure Limited in its Rs 780 crore arbitration dispute with West Bengal-based Damodar Valley Corporation (DVC). The Anil Ambani group company gave this information to the stock market. Let us also tell you what it is about.
Case more than 10 years
More than a decade ago, Reliance Infrastructure won the contract to set up a 1,200 MW thermal power plant in Purulia, West Bengal, for Rs 3,750 crore. The project was delayed due to disputes and other reasons, for which DVC sought compensation from Reliance Infrastructure. However, Reliance Infrastructure disputed this and in 2019, an arbitration tribunal ruled in favor of the company and ordered DVC to pay Rs 896 crore to the company.
The Superior Court announced its decision
DVC challenged the arbitration tribunal’s order before the Calcutta High Court, which was rejected by the court. On September 27, 2024, the Calcutta High Court bench delivered its verdict in the petition filed by Damodar Valley Corporation under Section 34 challenging the September 29, 2023 arbitration award of Raghunathpur thermal power plant, the court said. company in a presentation addressed to the stock exchange. An amount of approximately Rs 780 crore including interest is involved in this.
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What did R Infra say?
The company said the court upheld the arbitration award except for relief from pre-allotment interest and reduction of interest on bank guarantee amounting to Rs 181 crore, amounting to Rs 780 crore, including the accumulated interest. Additionally, a bank guarantee of Rs 600 crore will also be issued. Reliance Infra said it is currently carrying out a detailed review of the decision and, depending on legal advice, will proceed to implement the decision or challenge the decision on September 27, 2024.
Stocks may rise
Due to this relief given to Anil Ambani, there is likely to be a rise in Reliance Infra shares on Monday. According to the data, there was a 1.73 per cent drop in Reliance Infrastructure shares on Friday and the company’s shares touched Rs 322.95. However, during the trading session, the company’s shares had fallen to Rs 317.15. However, in the last month, R Infra shares have seen a rise of more than 52 percent.
