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Himalaya Food International receives arbitration award for long drawn case

Capital Market 

Himalaya Food International announced that the Singapore Arbitration has given award in the long drawn case of the company with Simplot USA.

Simplot had claimed US $14 million plus interest since 2012 as refund against sale of French Fry line and Specialty Potato Lines.

The Tribunal has directed Simplot to return the Equipments of French Fry & Potato Specialty Lines and HFIL to pay a total of US $ 3.96 mm with further interest @ 5.33% till the date of payment from the date of award.

The Company proposes to take expert advise from its Legal Counsel at Singapore for future course of action. It can now add the FF line & Potato Specialty Lines in its Production Plans.

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

First Published: Thu, March 26 2020. 09:38 IST