Kiri Inds spurts after favourable SICC ruling

Kiri Industries rose 8.74% to Rs 490.95 after the Singapore International Commercial Court (SICC) ruled in favour of the company.

SICC has delivered its judgement on cost for the company's minority oppression suit against Senda in SIC4.

SICC has awarded cost of S$8,111,642.11 and interest at the rate of 5.33% p.a. from date of this judgement till date of payment.

This judgment addresses the costs of proceedings that have spanned more than six years.

In essence, the claim was for minority oppression of Kiri by Senda International Capital in relation to the former's minority interest in DyStar Global Holdings (Singapore), their joint venture vehicle. In the Main Judgment, SICC found that Senda had engaged in instances of oppressive conduct against Kiri. Senda was consequently ordered to purchase Kiri's shares in DyStar at a valuation to be determined.

On a consolidated basis, net profit of Kiri Industries rose 124% to Rs 101.16 crore on 104.54% rise in net sales to Rs 357.87 crore in Q2 September 2021 over Q2 September 2020.

Kiri Industries is one of the largest manufacturer and exporter of wide range of dyes, intermediates and chemicals from India.

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