Reliance Infrastructure (RInfra), along with its subsidiary issued an arbitration notice against founder promoters of Pipapav Defence and Engineering for claims aggregating to Rs 5,440.38 crore for breach of warranties under the purchase agreement.
Reliance Infrastructure (RInfra), along with its subsidiary issued an arbitration notice against founder promoters of Pipapav Defence and Engineering for claims aggregating to Rs 5,440.38 crore for breach of warranties under the purchase agreement.
On March 4, 2015, RInfra, its subsidiary Reliance Defence Systems (RDSPL) and the founder promoters of Pipapav Defence and Engineering entered an agreement for acquisition of shares of Pipapav
Defence and Engineering, which is now being named Reliance Naval and Engineering Ltd (RNEL).
"The company, along with its subsidiary, RDSPL has issued an arbitration notice against Nikhil Gandhi, Bhavesh Gandhi and their companies, i.e. SKIL Infrastructure Ltd, Grevek Investments and Finance Pvt Ltd and SKIL Shipyard Holdings Pvt Ltd, all being the founder promoters of Pipapav Defence and Engineering Ltd... asserting the claims for breach of warranties under the purchase agreement dated March 4, 2015," Reliance Infrastructure said in a regulatory filing.
"The claims aggregate to Rs 5,440.38 crore," it added.
In March 2015, Anil Ambani-led Reliance Infrastructure announced the acquisition of controlling stake in Pipavav Defence and Offshore Engineering for up to Rs 2,082.3 crore.
Shares of Reliance Infrastructure were trading 0.66 per cent lower at Rs 438.80 on BSE.
Earlier last month, Reliance Infrastructure Ltd (RInfra) won an arbitration award of Rs 292 crore against the Goa government for non-payment of electricity dues.
It said the need for arbitration arose due to prolonged non-payment of dues by the state government towards supply of electricity by RInfra from its 48 MW Goa Power Plant in Sancoale.
"RInfra has won an arbitration award of Rs 292 crore against Government of Goa. The Arbitration Tribunal, in its award on February 16, 2018, has ordered Government of Goa to pay Rs 292 crore to Reliance Infrastructure Limited by April 15, 2018," the company said in a statement.
The Tribunal has also ordered payment of interest at 15 per cent per annum on the total award amount if the government fails to pay the entire award amount by the deadline, it said.
The Joint Electricity Regulatory Commission had constituted the Tribunal under the new rules laid down in 2015.
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 "RInfra issues arbitration notice against Pipapav Defence promoters for Rs 5,440.38 crore claims")
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