Financial Daily from THE HINDU group of publications
Sunday, Aug 24, 2003
Financial Daily from THE HINDU group of publications Sunday, Aug 24, 2003 |
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Corporate
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Courts/Legal Issues Daewoo goes to court against MPEB officials for refund of deposit Our Bureau
New Delhi , Aug. 23 THE Madhya Pradesh High Court has issued a contempt notice to the Madhya Pradesh Electricity Board Chairman and the State Chief Secretary, Mr A.V. Singh, following a petition filed by Daewoo Power India Ltd. Daewoo had sought refund of security deposit it had given with the State for setting up a power project in Madhya Pradesh. In specific, the deposit was towards the state providing an escrow account for ensuring that the revenues from sale of power from the project are guaranteed. However, the project did not come up since the escrow cover was not financially sound. In this backdrop, in 2000, Daewoo terminated the power purchase agreement with the State and sought refund of the security amount. The monies were to be returned to the company within three months. With the State resisting payment to the Korean major, the latter took to legal recourse.
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