Excerpt from June 2024 concall –
With regards to the DyStar case, Kiri has recently received a significant judgment on May 20th, 2024 from Singapore International Commercial Court regarding legal proceedings related to the enforcement of a buyout order, issued earlier by SICC. According to the order Kiri is entitled to receive Rs.603.8 million as the priority from the en block sale of entire shareholding of DyStar. The remaining balance from the proceeds of sale of DyStar with go to Senda.
Moreover, the court has ruled that en block sale of DyStar will proceed without any reserve price, and the long-stop date is set for December 31st, 2025. This judgment makes a significant milestone for Kiri to secure Rs.603.8 million after a long journey of litigation against its joint venture partner. Signaling that the end of the tunnel is finally in sight.
Thought it was USD 603.8 million. Isn’t this really careless on the part of the company?
Anyways this sums up the latest status as per the litigation.
Now am hunting for promoter credibility and growth triggers to ascertain what could happen of the inflow.
Disclosure: Actively studying the stock
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