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| Exchange Disseminated Time | | With reference to the earlier letter dated January 19, 2015 intimating about the Arbitration Award, inter-alia, directing Chandigarh Housing Board to repay to the Company a sum of Rs. 568 Crores approx. (after adjustment of compensation and interest payable to Chandigarh Housing Board along with interest from January 09, 2015 till the date of payment) and return the Bank Guarantees furnished aggregating to Rs. 75 Crores, Parsvnath Developers Ltd has now informed BSE that the Company and Chandigarh Housing Board both have mutually agreed to accept the Award and accordingly the Company has received a sum of approx. Rs. 572 Crores (Rupees Five Hundred Seventy Two Crores only) towards the Award from Chandigarh Housing Board, upon surrendering of the project land by the Company to Chandigarh Housing Board. Further, the Bank Guarantees earlier furnished by the Company to Chandigarh Housing Board to the tune of Rs. 75 Crores (Rupees Seventy five crores only) have also been released by Chandigarh Housing Board. It has been noticed that due to a computational error in the Award, the awarded amount is deficient by approx. Rs. 146,00,00,000/- (Rupees One Hundred Forty Six Crore only); consequently, the Company has already made an application to the Sole Arbitrator for correction of computational error and immediately on revision of Award from the Sole Arbitrator, the Company will be entitled to receive a further amount of approx. Rs. 146,00,00,000/- (Rupees One Hundred Forty Six Crore only) from Chandigarh Housing Board. |
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