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Lanco Infratech Ltd said Perdaman Chemicals’ effort to broaden the Griffin coal mines issue by filing a case against ICICI Bank was a ‘desperate attempt to save a losing cause.’
Perdaman Chemicals, which had filed a case in 2011 against Lanco for alleged violation of coal supply contract and sought $3.5 billion in damages, filed a similar case against ICICI Bank recently, seeking damages.
ICICI Bank had syndicated $800 million debt to Lanco to acquire Griffin mines.
Responding over telephone from Australia, Nagaprasad Kandimella, CEO, Business Development, Lanco, said: “Perdaman is a notional company and with no operations. It’s business seems to be engaging in greenmail. Cases against us and ICICI Bank have no basis.”
“This is nothing but an attempt to blackmail. ICICI Bank has no contractual relationship with Perdaman. The case is yet to be admitted and the effort is to damage our reputation. Knowing there is no case, now Perdaman is seeking to delay the trial process as it is certain their case will be dismissed, Nagaprasad said.
While the case against Lanco was filed by Perdaman in Supreme Court of Western Australia, the latest one against ICICI Bank is in federal court in Perth.
>rishikumar.vundi@thehindu.co.in
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