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Nagarjuna Fertilizers & Chemicals intimates of arbitration awards against itself

Capital Market 

To challenge arbitration awards

Nagarjuna Fertilizers & Chemicals announced that Arbitration Awards have been passed against the Company for the following amounts:

1. Payment of USD 18,40,000 + interest at 5% pa w.e.f 12 September 2013

2. (a) Cost for Interim Final Award - GBP 465,630 + US$ 43,187.79 with interest at 1% above Bank Rate with 3 monthly rests wef 07 January 2016 + GBP 15,000

(b) Cost ordered by the Court at London - GBP 100,000

(c) Second Interim Final Award for a sum of USD 1,43,55,000

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

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

First Published: Tue, November 29 2016. 14:19 IST