Jindal Drilling And Industries LimitedJINDRILLNSE
Update on Arbitration Award
As filed · Jindal Drilling And Industries Limited has informed the Exchange about General Updates - Update on Arbitration Award
RegulatoryWatchNotablemateriality 61 out of 100
What happened
FactJINDRILL has received an Arbitration Award in its favor against Oil and Natural Gas Corporation Limited (ONGC) for a claim of USD 14.77 million. The company will adjust receivables of Rs. 66.33 crores against Other Financial Liabilities and transfer the remaining amount of Rs. 100.42 crores to its Profit & Loss Account, resulting in an increase in profit. JINDRILL is seeking directions from the appropriate forum to implement the Arbitration Tribunal's Award.
Why it matters
CapitSignal interpretationLitigation creates a contingent liability that is not in reported profit until it crystallises.
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Fact- Amount claimed against the company
- Whether a provision has been made
- Next hearing or order date
Evidence
How CapitSignal classified this
- Reasoning:
- LITIGATION base 56; +5 quantified amount; matched on subject
- Matched on:
- the filing's own subject line
- Confidence in the event type:
- 75%