The Bangalore-based company joins half a dozen companies that have taken their banks to court, alleging that they were miss-sold derivative contracts that go against the central bank's guidelines on these products.
The company has filed a suit in the Bangalore City Civil Court for declaring the contract as void, saying it violates the exchange control regulations, including the Reserve Bank of India's master circulars and guidelines on derivatives.
HDFC Bank had earlier filed a claim against the company in the Debt Recovery Tribunal, Bangalore for recovery of Rs 4.53 crore pertaining to the contract from the textile firm, Himmatsingka said in its statement.
Foreign exchange experts said this could be a contingent premium the company needs to pay as part of a
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