OTHER GROUP COMPANIES
market

Indian Hume Pipe Company receives arbitration award from NHAI; Stock climbs 2%

The Company had filed petition before the Arbitrator under the National Highways Act, 1956 seeking additional compensation.

August 12, 2021 10:25 IST | India Infoline News Service
Indian Hume Pipe Company Ltd's part of land of admeasuring about 40,888 Sq. ft of its erstwhile Yelhanka Bengaluru factory was acquired by National Highway Authority in the year 2011 and the Company had received compensation of Rs.5,86,38,251/- in the year 2012.

The Company had filed petition before the Arbitrator under the National Highways Act, 1956 seeking additional compensation.

The Company has received an Award on August 09, 2021 from Arbitrator, Bangalore Urban District, Bangalore, under the National Highways Act, 1956 and the provisions of the Arbitration and Conciliation Act, 1996 shall apply to every arbitration under the National Highways Act.

The Arbitrator has awarded additional compensation of Rs.7,81,36,968/- to the Company and granted interest @ 9% per annum from the date of handing over the acquired land to National Highways Authority and up to the date of depositing the amount by the National Highway Authority, Bangalore with Special Land Acquisition Officer and Competent Authority, NHIA, Bangalore.

On Sensex, Indian Hume Pipe was trading at Rs220.50 apiece up by Rs4.9 or 2.27%, at around 10:26 AM.

OPEN A DEMAT ACCOUNT & Get
FREE Benefits Worth 5,000

FEATURED ARTICLE

BLOGS

Open Demat Account

  • 0

    Per Order for ETF & Mutual Funds Brokerage

  • 20

    Per Order for Delivery, Intraday, F&O, Currency & Commodity