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| Exchange Received Time 09/02/2018 17:32:54 Exchange Disseminated Time 09/02/2018 17:33:01 Time Taken 00:00:07 | In furtherance to our letter dated November 29, 2017, we wish to inform that Rail Land Development Authority (RLDA) has filed an appeal before the Hon'ble Delhi High Court, under Section 34 of the Arbitration and Conciliation Act, 1996 challenging the Arbitral Award passed by the Arbitral Tribunal on November 24, 2017, whereby the claim of Rs. 1034,53,77,913/- (Rupees One Thousand Thirty-Four Crores Fifty-Three Lakhs Seventy-Seven Thousand Nine Hundred Thirteen only) made by the Company and Parsvnath Rail Land Project Pvt. Ltd., Associate Company (PRLPPL) was upheld and payment of the said amount was directed to be made by RLDA alongwith interest @ 4% per annum from July 15, 2015 till the date of payment.
The Company and PRLPPL shall take suitable steps for protecting their interest in this matter.
We shall keep the Exchange updated on further developments in this regard.
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