Ganesh Benzoplast Ltd's Subsidiary Secures Positive Arbitration Award

Infrastructure Logistic Systems Limited (ILSL), a subsidiary of Ganesh Benzoplast Limited, has achieved a favorable outcome in an arbitration dispute with Indorama Synthetics (I) Ltd.
The arbitration process, initiated by Indorama in October 2015, involved a counterclaim filed by ILSL against Indorama for alleged non-compliance with the terms of the Transportation Agreement established on August 27, 2012. The transportation agreement pertained to the movement of goods from JNPT Port to Nagpur/Butibori rail sliding using railway tankers.
The arbitral tribunal has issued a partial admission of ILSL's counterclaim, resulting in a favorable award. Indorama is now directed to make the following payment:
Under this arbitration award, ILSL is entitled to receive its counterclaim amounting to Rs. 19,09,51,545/- (Rupees Nineteen Crores Nine Lacs Fifty-One Thousand Five Hundred Forty-Five Only). Out of this total, an amount of Rs. 10,20,79,263/- (Rupees Ten Crores Twenty Lacs Seventy-Nine Thousand Two Hundred Sixty-Three Only) will accrue future interest at a rate of 12% per annum from the date of the award until the date of realization. The successful outcome in arbitration reinforces ILSL's position and financial standing in the industry.
EQUITYBULLS