Havells India informs about Updates

11 May 2015

Havells India has informed that the Company has signed an out of court settlement agreement with one of the customer who had raised claims against the Company relating to supply of switchgear products. The supply was questioned by the customer on approved specification norms. The material supplied was reportedly recalled by the customer voluntarily from the market. During the year 2012-13, arbitration proceedings were initiated by the customer against the Company under English Laws.
The Company, considering its long-term relationship with the customer without admission of liability on its part, agreed to pay an amount of Rs.69.69 crores to the customer as full and final settlement of the legal proceedings. The said amount has been fully provided for in the books of Accounts and includes Rs. 17.71 Crores and Rs. 27.69 Crores provided during the last quarter and financial year 2014-15 respectively.

The above information is a part of company’s filings submitted to BSE.

Related Havells India Ltd. Links:

Havells India Share Price

1008.05 -21.55 (-2.09%) May 12, 18:01
1 Year Price Chart
Peers
Company Name CMP
Siemens 2003.75
Havells India 1008.05
Apar Inds 501.60
ABB India 1403.50
CG Power & Indl.Soln 83.65
View more..
Sensex vs Havells India
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

Callback