TVS Supply Chain Solutions said that its subsidiary TVS Australia will make aggregate payments amounting to $6 million as part of an agreement to settle certain disputes.
In a regulatory filing, the company informed that TVS Supply Chain Solutions Australia Holding (TVS Australia) has signed a settlement agreement with Meyertran, Philptran and Mortrois in relation to certain disputes which had arisen between the parties thereto, in connection with the amounts payable by TVS Australia under a share sale agreement (SSA), as consideration towards acquisition of a stake in T.I.F. Holdings, Australia.
The settlement agreement has been entered into, in full and final settlement of the disputes pending between the parties in relation to the said SSA before the Supreme Court of Victoria, Australia.
Under the terms of the settlement agreement, TVS Australia, will make an aggregate payment amounting to AUD 6,000,000 in full and final settlement. The settlement deed has been filed with Supreme Court of Victoria, Australia and taken note of.
"Discharge of the aforesaid settlement amount shall not have any material impact on the earnings of the company as it is payment for acquisition of minority stake, the amount which was under dispute, TVS SCS said in a statement.
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TVS Supply Chain Solutions is an India-based multinational company, who pioneered the development of the supply chain solutions market in India. The company's customers span across numerous industries such as automotive, industrial, consumer, tech and tech infra, rail and utilities, and healthcare.
The company has reported 40.36% fall in consolidated net profit to Rs 9.56 crore on a 6.39% fall in sales to Rs 2,221.84 crore in Q3 FY24 as compared with Q3 FY23.
The scrip shed 0.96% to currently trade at Rs 185.90 on the BSE.
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