SML ISUZU LIMITED - Updates

SML Isuzu Ltd has informed BSE that :<br/><br/>"Pursuant to cancellation of an order dated 16/07/2009 for supply of 300 customized buses placed on the Company by a customer and non resolution of the matter at the customer's end, the Company had invoked arbitration clause of the Contract and lodged its claim before the Arbitral Tribunal for losses suffered by the Company on this account. The Hon'ble Arbitral Tribunal has pronounced its Arbitration Award and has awarded an amount of Rs. 11,52,44,252/- (Rupees Eleven crore fifty two lakh forty four thousand two hundred fifty two only) to the Company towards losses/costs suffered by the Company in earlier years.<br/><br/>It may be noted that this Award is subject to challenge by the customer under Section 34 of the Arbitration and Conciliation Act, 1996 and appeals therefrom."