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Arbitration award passed against Jindal Drilling & Industries

Capital Market 

Plans to contest arbitration award

& Industries announced that an Arbitration Award has been passed against the Company to make payment towards principal outstanding and the following amounts.

1. Amount of USD 31,769,994.76 by way of damages.

2. Interest on the damages awarded accruing at the daily rate of US prime plus 1%, compounded quarterly until the date of payment and

3. Cost of arbitration and other expenses.

The Company is taking necessary steps to contest in relation to the Award.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 02 2016. 12:02 IST