In a matter between M/s. Travancore Titanium Products Ltd (TTPL) and VA TECH WABAG LTD (WABAG), the Sole Arbitrator Shri P. R. Ramachandra Menon has passed an award in favor of TTPL in Kochi, Kerala, according to the stock filing.
The Arbitrator has awarded TTPL an amount of Rs. 12,66,83,750/- with 12% interest from the date of the award until the realization of payment.
Based on legal advice, WABAG believes the award presents a strong case for appeal. WABAG will take the necessary steps to file an appeal within the statutory period as provided under the Arbitration and Conciliation Act, 1996, before the appropriate appellate authority.
[Written by Kumar Aditya (kumar.aditya1@timesinternet.in)]
