Aksentt is sued by Sterlite Technologies for Rs 254 crore

8 Dec 2023 , 01:45 PM

On Thursday, December 7, the digital solutions company Sterlite Technologies Ltd (STL) announced that it has started arbitration procedures against Aksentt Tech Services Ltd. about an unpaid balance of ₹254 crore that was past due.

The Master Agreement dated June 20, 2020, which covers the delivery of goods and services by STL to Aksentt for the deployment of optical fibre in 1960 Gramme Panchayats in Maharashtra, is the focal point of the dispute.

‘STL claims outstanding and overdue amount of Rs. 254 Crores plus cost overrun and Interest for the value of goods delivered and services provided to Aksentt under the Master Agreement dated 20 June 2020 between STL and Aksentt for Optical Fibre deployment services in 1960 Gramme Panchayats in the State of Maharashtra under Packages A & C of the MahaNet Project,’ it stated.

According to the company’s regulatory filing at the exchange, the arbitration, presided over by Justice S. J. Kathawalla (Retired), will ascertain the extent of claims, encompassing principle amount, cost overrun, and accumulated interest.

According to STL, the unpaid debt is related to the MahaNet Project—more especially, it falls under Packages A and C—and is a crucial component of the deployment of optical fibre services.

The company stated that as the case is presently on appeal, it is unclear what effect this legal dispute will have financially.

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