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Both the parties have reached an amicable settlement agreement for USD 2.8 million (Rs 19.46 crore) payable by Sparta Inc to Copart Inc. with no party admitting any liability or wrong doing, resulting in the Court dismissing the case.
As defined in the composite scheme of arrangement between the parties, the Company through its Subsidiary in USA has reimbursed Sparta Inc. fully and the same has been accounted for during the quarter for USO 2.8 million (Rs19.46 crore). With this outcome, the matter related to Copart is closed and there is no further exposure for the Company.
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