Latest news with #ArbitralTribunal
Time of India
21-05-2025
- Business
- Time of India
Tribunal directs NHAI to pay Rs 485 cr with interest to PNC
Lucknow: The Arbitral Tribunal has directed National Highways Authority of India (NHAI) to pay Rs 485 crore with interest to PNC Infratech Limited, which had sought more funds in view of the rise in cost due to project delay. The disagreement stemmed from the FIDIC contract (International Federation of Consulting Engineers) regarding the construction of a new four-lane Agra Bypass. An NHAI official source said, "The basic claim of PNC Infratech Limited was on delay of project which purportedly raised the cost of men and machinery as per them. The company demanded payment for that and went to AT." Upon invocation of the arbitration clause in the contract agreement, an AT was established in June 2019 to resolve the disputes. The source stated, "Our legal team is studying the order to brief the headquarters which will take further action in the matter." PNC Infratech had submitted claims against NHAI totalling Rs 661.51 crore, including interest calculated until Aug 24, 2024. NHAI had filed counterclaims amounting to Rs 38.52 crore, plus interest.
Mint
13-05-2025
- Business
- Mint
Zee Entertainment share price jumps as Arbitral Tribunal rejects Aditya Birla Finance's ₹134 crore claim
Zee Entertainment Enterprises (ZEEL) on Tuesday said the Arbitral Tribunal has rejected all claims filed by Aditya Birla Finance Ltd (ABFL) in a ₹ 134 crore dispute linked to a loan extended to Siti Networks Ltd, sending the company's stock higher. Zee share price rallied after the relief from the Arbitral Tribunal, gaining as much as 4.39% to ₹ 122.30 apiece on the BSE. Aditya Birla Finance had initiated arbitration proceedings against Zee Entertainment Enterprises, seeking enforcement of a Letter of Comfort (LOC) allegedly issued by the company in connection with a ₹ 134 crore term loan granted to Siti Networks. The finance firm had claimed that the LOC effectively served as a corporate guarantee and demanded that Zee be held liable for the repayment. In its plea, ABFL had sought multiple reliefs, including a declaration that the LOC constituted a guarantee and directions for Zee to pay the outstanding loan with interest — totaling ₹ 174.57 crore. Additionally, it sought a refund of ₹ 108 crore that Siti had paid to Zee in FY 2020–21. However, Zee contested the claim, asserting that the LOC did not amount to a financial guarantee. The company maintained that the ₹ 108 crore was part of a legitimate business transaction—consideration for signals and channels provided to Siti as per Interconnection Agreements governed by the TRAI Act. Zee further countered with a ₹ 15 crore claim, citing that the amount was deposited by Siti in fixed deposits on Zee's behalf but had been appropriated by ABFL. In its final award dated May 12, 2024, the Arbitral Tribunal dismissed all claims made by ABFL. However, it did not make a final ruling on Zee's counterclaim, instead leaving the matter open and allowing both parties to pursue further remedies before the National Company Law Appellate Tribunal (NCLAT). At 1:45 PM, ZEE share price was trading 4.01% higher at ₹ 121.85 apiece on the BSE.
Mint
13-05-2025
- Business
- Mint
Zee Entertainment share price jumps as Arbitral Tribunal rejects Aditya Birla Finance's ₹134 crore claim
Zee Entertainment Enterprises Ltd (ZEEL) on Tuesday said the Arbitral Tribunal has rejected all claims filed by Aditya Birla Finance Ltd (ABFL) in a ₹ 134 crore dispute linked to a loan extended to Siti Networks Ltd. Zee share price rallied after the relief from the Arbitral Tribunal. Zee shares spiked as much as 4.39% to ₹ 122.30 apiece on the BSE. Aditya Birla Finance had initiated arbitration proceedings against Zee Entertainment Enterprises, seeking enforcement of a Letter of Comfort (LOC) allegedly issued by the company in connection with a ₹ 134 crore term loan granted to Siti Networks. The finance firm had claimed that the LOC effectively served as a corporate guarantee and demanded that Zee be held liable for the repayment. In its plea, ABFL had sought multiple reliefs, including a declaration that the LOC constituted a guarantee and directions for Zee to pay the outstanding loan with interest — totaling ₹ 174.57 crore. Additionally, it sought a refund of ₹ 108 crore that Siti had paid to Zee in FY 2020–21. However, Zee contested the claim, asserting that the LOC did not amount to a financial guarantee. The company maintained that the ₹ 108 crore was part of a legitimate business transaction—consideration for signals and channels provided to Siti as per Interconnection Agreements governed by the TRAI Act. Zee further countered with a ₹ 15 crore claim, citing that amount was deposited by Siti in fixed deposits on Zee's behalf but had been appropriated by ABFL. In its final award dated May 12, 2024, the Arbitral Tribunal dismissed all claims made by ABFL. However, it did not make a final ruling on Zee's counterclaim, instead leaving the matter open and allowing both parties to pursue further remedies before the National Company Law Appellate Tribunal (NCLAT). At 1:45 PM, ZEE share price was trading 4.01% higher at ₹ 121.85 apiece on the BSE. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
