[ecis2016.org] Kolkata-based Shristi Infrastructure has been slapped with an arbitration claim of Rs 160 crores from Mauritius-registered Rishima SA Investments LLC, which invested Rs 80 crores in Shristi’s 5-star hotel project in Rajarhat
Kolkata-based Shristi Infrastructure Development Corporation Ltd faces an arbitration claim of Rs 160 crores from Rishima SA Investments LLC, an investor of a 5-star hotel project in the city. Mauritius-registered Rishima had invested Rs 80 crores, in the Shristi-promoted hotel project in Rajarhat, with 35% stake. However, differences between them led to a legal fight and Rishima approached for an arbitration.
You are reading: Kolkata-based Shristi Infra faces Rs 160-crore arbitration claim
Read also : All about Gorakhpur Industrial Development Authority of GIDA
“In an arbitration dispute between Rishima and the company, the Arbitration Tribunal has issued a partial award in favour of the claimant (Rishima) for payment of an amount of Rs 761 crores, calculated till 31st March 2019. The company shall make payment of Rs 160.2 crores to the claimant, in lieu of shares so held,” Shristi mentioned in the notes of its financial reporting.
[ecis2016.org] Bank loan fraud: ED attaches assets worth Rs 483 crores of Kolkata-based KSL and Industries
Read also : SC allows Corporation Bank to move the NCLT, for claims against Amrapali Group
“An international arbitration had awarded an order but we will contest this at an appropriate higher forum,” Shriti managing director Sunil Jha said. Shristi posted a consolidated revenue of Rs 307.25 crores from operations for the year ended March 2019 and posted a loss of Rs 20.5 crores.
Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org
Source: https://ecis2016.org
Category: Lifestyle
