PUNJ LLOYD LTD. - Updates

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PUNJ LLOYD LTD. - Updates

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16 Oct 2014
Punj Lloyd Ltd has informed BSE as under :<br/><br/>"Punj Lloyd Ltd. ("the Company") refers to the information provided on May 20, 2014, wherein the Company informed that its application for leave to appeal pending before the Court of Appeals, UK, against the judgement and decree of the Technology and Construction Court, UK (TCC) in favour of SABIC UK Petrochemicals Limited ("SABIC") and against the Company had been accepted. Two out of the three grounds of leave to appeal that were allowed by the Court of Appeals, UK would have at the maximum determined the liability of the Company to the extent of GBP 2.66 million in addition to legal costs and interest.<br/><br/>Subsequent to the leave to appeal being granted by the Court of Appeals, UK, SABIC filed an application for making the appeal conditional upon payment of the decree sum i.e. GBP 16.3 million to SABIC. The Company submitted to the Court of Appeals that SABIC is not entitled to this sum as its appeal is still to be heard and any such condition would stifle the appeal and make it onerous for the Company. Despite such objection of the Company, the Court of Appeals made the appeal conditional upon payment of GBP 16.3 million to SABIC by October 14, 2014. The Company has not deposited the decretal amount by or on October 14, 2014 and the appeal stands dismissed on expiry of the said deadline.<br/><br/>The Company has filed a Suit being C.S.(OS) No. 444 of 2014 before the Delhi High Court, seeking inter alia, a declaration in favour of the Company that the decree of the TCC is not conclusive under Indian law and is hence incapable of being enforced / executed through the Courts in India. This suit is pending adjudication. The Company has filed an Application in the aforesaid Suit seeking a temporary injunction restraining SABIC from enforcing, relying upon or otherwise making any assertion before any Court, Public Authority or Body based on the judgment and decree of the TCC, till the final adjudication of the Suit. The Delhi High Court has issued notice to SABIC on this Application and granted SABIC four weeks time to file reply. The matter will now be listed for consideration on February 10, 2015."
View all announcements for PUNJ LLOYD LTD.	Source: BSE India

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