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| Exchange Received Time 04/06/2018 13:29:13 Exchange Disseminated Time 04/06/2018 13:29:18 Time Taken 00:00:05 | In continuation to our letter dated May 22, 2018, on the subject matter, the 4th hearing of the Arbitral Tribunal was held on June 2, 2018 and a summary of the proceedings as received from our Legal Counsel is given below:- :
(1) The Arbitral Tribunal heard the objections and arguments of the legal counsel of Infrastructure Leasing & Financial Services Ltd to the Application of New Okhla Industrial Development Authority ('NOIDA') for maintainability of the arbitration proceedings, and after concluding the oral submissions, granted one week time to file written submissions.
(2) Due to a family medical emergency, legal counsel of the Company could not be available on June 2, 2018. The Tribunal has set July 27, 2018 as the next date for hearing the submissions on behalf of the Company and July 31, 2018 for hearing NOIDA's rejoinder arguments.
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