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Jindal Drilling & Industries informs about update on arbitration award

04 Apr 2025 Evaluate
In continuation to letter dated 29 April 2022, Jindal Drilling & Industries has informed that the Company had a claim of USD 14.77 Million (equivalent to Rs. 66.33 crores as on 31/03/2011 [Note 39(A) (i) a) of Annual Report for FY 2023-24]) against Oil and Natural Gas Corporation (ONGC), being the charter hire / directional drilling service charges receivable by the Company. The Arbitration Panel constituted under the directions of Hon’ble Supreme Court has pronounced the Award on 03 April 2025 in favour of the Company. As per Audited Financial Statements for FY 2023-24, Rs 66.33 Crore was shown as receivables from ONGC and Rs 166.75 Crore was shown as Other Financial Liabilities [Note 21(1) of Annual Report of FY 2023-24]. In view of the aforesaid Award of Arbitration Tribunal, receivables of Rs 66.33 crores will be adjusted against Other Financial Liabilities and balance amount of Rs 100.42 Crore shall be transferred to Profit & Loss Account, resulting in an equivalent increase in profit. The Company is seeking requisite directions from appropriate Forum for implementing the Award of the Arbitration Tribunal as referred above. The details of the update on development of above matter as required under Reg. 30 of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 read with Master Circular dated 11th November, 2024 issued by SEBI are provided in Annexure A. 

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

Jindal Drilling&Inds Share Price

534.45 3.45 (0.65%)
05-May-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 289.80
Oil India 476.15
Jindal Drilling&Inds 534.45
Deep Industries 479.00
Asian Energy Service 317.85
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