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News Breaks | | | | December 20, 2012 | | 10:14 EDT |  | IGC | India Globalization Capital unit awarded $2.2M by Indian court
India Globalization Capital announced that a final court ruling has been rendered, in the company's favor, against the National Highway Authority of India, granting an award of $2.2M. The claim had been filed by IGC's subsidiary TBL on behalf of a joint venture in which TBL is the 95% partner. The final judgment was passed on December 19. As previously disclosed, the company had reported that it had access to about $2.5M at an exchange rate of 55 INR to $1 in funds deposited by the NHAI with the High Court in Delhi against the arbitration award won by TBL. In further negotiations with the NHAI and a court appointed expert, the company, rather than continue to litigate and prolong the outcome, agreed to a small reduction in return for a final settlement and judgment. | |
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News For IGC From The Last 14 Days Check below for free stories on IGC the last two weeks. |
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| June 11, 2013 | | 08:14 EDT | | IGC | India Globalization Capital completes test delivery of iron ore
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