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Mercator Ltd. - Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015

| Updated on July 31, 2019 Published on July 31, 2019

This is regarding Mercator Oil & Gas Limited (MOGL) a 100% subsidiary of Mercator Ltd.
In continuation of our letter ML/SE/2018-19/9 dated October 12, 2018, this is to inform that the appeal filed by the MOGL was dismissed by Honble Bombay High Court vide order dated July 29, 2019, by virtue of which ONGC has invoked the bank guarantees and consequently proceeds of Rs. 142.19 Crores have been remitted to ONGC by Axis Bank Limited. This would increase the debt of MOGL by an equivalent amount.

MOGL has already invoked arbitration with ONGC and will be claiming this amount from ONGC in arbitration. As per the clause of the contract, this arbitration is binding and trial may be completed by September 2020.

This is for your information and record.

Pdf Link: Mercator Ltd. - Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015

Source : BSE - www.bseindia.com

Published on July 31, 2019
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