London Court has directed Shiv-Vani Oil & Gas Exploration Services to pay Citibank a sum of $84 million in a case filed by bondholders through their Trustees, Citibank N A, London against the company. Besides, the company has also been directed to pay over $2.21 million of unpaid default interest (up to and including February 11, 2014) and $11,988 per day of default interest from February 11, 2014 to the date of payment. However, the Company is proposing to file appeal against the said judgment within the prescribed period of limitation and also seek stay of the judgment.
Shiv-Vani Oil & Gas Exploration Services, a world leader in upstream supply and support, has been the preferred exploration partner of Oil and Gas majors in India and the Middle East since 1989. Headquartered in New Delhi, India, the company offers a wide spectrum of services in the field of oil and natural gas exploration and production. Shiv-Vani conducts two dimensional (2D) and three dimensional (3D) land seismic and transit zone surveys.
