Orient Electric initiates legal action for recovery of dues from customers

Orient Electric announced that the company had supplied goods to Orient General Agencies (Bombay) (OGA) through Alco Logistics (Alco) for an amount over Rs. 14 crore invoiced during the period May 2017 to November 2017 and January 2019 to April 2019.

The Company had several rounds of deliberations with OGA and Alco over the past one year, which did not result in recovery of outstanding till date. The Company has therefore initiated legal actions for recovery of outstanding amount along with interest and damages by filing suits / complaints jointly and / or individually, against OGA, Alco and their erstwhile directors. For financial prudence the Company has already taken appropriate provisions of the aforesaid outstanding amount in its books of accounts in previous reporting periods.

 

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