Arbitration Case
State Trading Corp to pay 822.8 mln rupees to Adani Ent as settlement
This story was originally published at 12:40 IST on 6 September 2024
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NEW DELHI - The State Trading Corp of India will pay 822.83 mln rupees to Adani Enterprises Ltd as settlement in an arbitration case, the two parties told the high court on Wednesday. Following this, both sides withdrew their petitions in the case challenging the arbitration award.
"That the parties further agreed and understood that pursuant to the execution of this settlement agreement and fulfilling the obligations hereunder, any party to this settlement agreement shall not have any form of claim, liability against the other party whatsoever..." said the court.
The case has its genesis from a contract for the supply of imported coal. Adani Enterprises had moved the Delhi High Court seeking to enforce an arbitral award for 2022, asking State Trading Corp to pay 1.08 bln rupees to them.
At 1109 IST, shares of Adani Enterprises Ltd were down 1.1% at 2,981.95 rupees on the National Stock Exchange, while those of State Trading Corp of India were down 2.7% at 185.78 rupees. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Vandana Hingorani
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