Himalaya Food International has informed that the Singapore Arbitration has given award in the long drawn case of the company with Simplot USA. Simplot had claimed $14 million plus interest since 2012 as refund against sale of French Fry line and Specialty Potato Lines. The Tribunal has directed Simplot to return the Equipments of French Fry & Potato Specialty Lines and HFIL to pay a total of $3.96 mm with further interest @ 5.33% till the date of payment from the date of award. Company proposes to take expert advise from its Legal Counsel at Singapore for future course of action. Company can now add the FF line & Potato Specialty Lines in its Production Plans.
The above information is a part of company’s filings submitted to BSE.
