However, to our surprise, major issues related to our several claims were not initiated by
the PMC as instructed by Surat Diamond Bourse Committee which totals to Rs. 538.59
crores (Rs. 430.30 Crores as additional claim, Rs. 65.72 Crores against approved but not
certified work done and Rs. 42.57 crores against retention). After that, we had several round
of meetings with the committee members, but they discussed and negotiated to a negligible
amount against our additional claim of Rs. 430.30 Crores, which is purely as per the contract
terms and related to rate validity & force majeure
20231207_CourtCase_64.pdf (pspprojects.com)
In the November call, they only cited ~100Cr of receivables for booked, unbooked, and retention money. Even in a recent call, I heard a similar figure; what is the 400Cr amount? According to my understanding, it is using a price increase provision following a force majeure to negotiate 100+ crore. I see the focus is largely on recovering ~100 crore.
Disclosure – invested.
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