Parsvnath locked in upper circuit on aribration award update
DSIJ Intelligence / 29 Nov 2017
Parsvnath Developers and an associate company received a judgment in their favour in an Arbitral Tribunal.
Parsvnath Developers and Parsvnath Rail Land Project Pvt. Ltd. (PRLPPL), an associate company of Parsvnath Developers, received a judgment in their favour in an Arbitral Tribunal. Following this news, the stock of Parsvnath Developers surged up by 5 per cent and was locked in its upper circuit at Rs. 31.55 per share on Wednesday.
Parsvnath Developers and PRLPPL had won a tender for the development of 38 acres railway land area situated at Sarai Rohilla – Kishanganj, Delhi, but the project was terminated following which the company had filed a claim of more than Rs. 1,500 crore against the Rail Land Development Authority (RLDA).
In an arbitral proceedings, the Arbitral Tribunal passed an award whereby the claim of Rs. 1034,53,77,913/- made by the company and PRLPPL has been upheld. RLDA has been directed to make a payment of the said amount along with an interest at the rate of 4 per cent per annum from July 15, 2015, informed the company through an update filing.
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