MBL Infrastructures wins arbitration award of Rs60cr against a road project in Uttarakhand; Stock jumps over 3%

2 Feb 2022 , 12:36 PM

MBL Infrastructures on Wednesday announced that  Learned Arbitral Tribunal has by the majority of 2:1 passed an award in favour of the Company against the Public Works Department, Government of Uttarakhand for a Road project in the state of Uttarakhand.

The arbitration award was passed on January 31, 2022.

The award is for a sum of Rs60cr along with interest at the rate of 2% higher than the current rate of interest prevalent on the date of award in terms of Section 31 (7) of the Arbitration and Conciliation Act 1996 from the date of award till the date of payment to the Company.

At around 12.34 pm, MBL was trading at Rs36.00 per piece up by 3.3% on BSE. The stock was near the day’s high of Rs36.50 per piece.