Sterlite Tech Loses Rs 145 Crore Claim Against BSNL
Apr 19, 2024 22:28
An arbitrator has rejected Sterlite Technologies' Rs 145 crore claim against BSNL for an optical fiber cable laying project, citing depth penalties. STL is considering options to challenge the ruling.
New Delhi, Apr 19 (PTI) An arbitrator has rejected broadband technology company Sterlite Technologies' claims worth Rs 145 crore against BSNL in an optical fibre cable laying project, a regulatory filing said on Friday.
Sterlite Technologies (STL) said that it is evaluating options to challenge the award of the arbitrator.
"BSNL had deducted payments to the tune of Rs 145.02 crore for trenching done at a depth lesser than 165 cms duly approved by BSNL, due to legitimate site constraints. STL filed its claims towards wrongful imposition of depth penalty by BSNL. The arbitrator has rejected STL's claims vide award dated April 18, 2024," STL said in the filing.
The Arbitration was before Justice Badar Durrez Ahmed , former Chief Justice Jammu and Kashmir High Court.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.