ALSO READJindal Drilling & Industries to hold board meeting Jindal Drilling & Industries to hold AGM Jindal Drilling & Industries slips as arbitration award passed against company Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter United Drilling Tools standalone net profit rises 2848.08% in the June 2016 quarter
Plans to contest arbitration awardJindal Drilling & 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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