In relation to a land dispute
Kennametal India announced that on 19 August 2015, the Company has received Compensation amount of Rs. 5.91 crore which includes Rs. 4.99 crore towards land acquisition compensation after TDS and Rs. 92 lakh towards interest vide cheque from Hon'ble City Civil Court, Bangalore against the acquisition of Company's land measuring 3435.26 sq. mts for Bangalore Metro Rail Corporation by Karnataka Industrial Areas Development Board. The dispute on the land compensation amount was pending before the Hon'ble Court since year 2012.The Company has submitted Indemnity and bank guarantee in favour of II Additional City Civil & Sessions Judge at Bangalore for the aforesaid amount for valid upto 03 August 2016.
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