Comments
The judgement of the National Company Law Tribunal (NCLT) in the Ramesh Kymal Vs Siemens Gamesa case has revealed Kymal’s claim on the company: Rs 104.11 crore.
In January 2020, it was announced that Ramesh Kymal would step down as the Chairman and Managing Director of Siemens Gamesa India. While no official reasons were given, it was clear that the severance was acrimonious.
Related Stories
Ramesh Kymal to quit Gamesa
Likely to be replaced by Navin Dewaji of Siemens IndiaNavin Dewaji was appointed the CEO of Siemens Gamesa and Kymal formally separated from the company on April 30. In May, Kymal sued the company over “unpaid dues” to him at the National Company Law Tribunal.
The quantum of the dues was never made public, but now the judgement in the case has revealed the figure to be Rs 104.11 crore, plus 18 per cent interest till the dues are paid.
The judgement closed the case without awarding any dues to Kymal on technical grounds.
The case
A perusal of the judgement shows that the case was closed on the grounds of the government of India’s ordinance of June 5, which said that because of the ongoing pandemic no case shall be entertained for 6 months if the claimed default occurred after March 25.
In his petition, Kymal had said that the dues from Siemens Gamesa occurred on April 30, his last day with the company.
In his order, judge R Varadharajan said that the Tribunal “cannot proceed any further in relation to the (Kymal’s) petition due to the bar created by the law (ordinance)”.
On Friday, Kymal told BusinessLine that he had not lost the case; the case was closed purely on technical grounds. Pointing out that the merits of his claim were not adjudicated upon, he observed that appeals to the appellate tribunal and the Supreme Court were still open to him.
Ramesh Kymal, a wind industry veteran, was roped in by the Spanish wind turbine manufacturer, Gamesa, in 2008, to set up its Indian arm and run it. Gamesa India came into being in 2009 and is today a major seller of wind turbine in India. In the last 11 years, the company has sold turbines worth 6,500 MW.
In 2016, the German multinational, Siemens, announced it would take over Gamesa and the Spanish company. The deal was consummated the following year, and the turbine manufacturer became ‘Siemens Gamesa’.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.