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| Exchange Received Time 22/05/2018 17:01:50 Exchange Disseminated Time 22/05/2018 17:01:57 Time Taken 00:00:07 | In continuation to our letter dated March 30, 2018 on the captioned subject, the 3rd hearing of the Arbitral Tribunal was held on May 19, 2018 and a summary of the proceedings as received from our Legal Counsel on May 21, 2018 is given below:-
(1) The Arbitral Tribunal heard the arguments of the legal counsel of New Okhla Industrial Development Authority ('NOIDA') on their application for maintainability of the arbitration proceedings. As the arguments could not be concluded, the Tribunal has set June 2, 2018 as the next date of hearing for the Company's submissions in reply to the said application of NOIDA.
(2) Thereafter, the next hearing is scheduled on July 31, 2018 for NOIDA's rejoinder arguments.
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