Kiri Industries experienced an upswing in its share price by witnessing a 10 per cent surge following the announcement of enforcement proceedings against Senda International Capital Limited. According to a judgment from the Singapore International Commercial Court (SICC), Kiri Industries started the proceedings to recover $603.80 million.

The enforcement applications filed by Kiri Industries seek several orders from the SICC to hold Senda International Capital Limited and DyStar Global Holdings (Singapore) Pte Ltd jointly and severally liable for completing the purchase of Kiri Industries’ shareholding in DyStar. The applications call for specific timelines for completing the purchase, with the aim of securing the owed amounts within one month and four months, respectively.

In addition, the enforcement proceedings request the appointment of a receiver and manager to oversee the share purchase by DyStar. In case of non-compliance by Senda and DyStar, the applications call for DyStar’s winding-up, ensuring that Kiri Industries receives the final purchase price along with interest and legal costs in priority to Senda from DyStar’s liquidation of assets. Moreover, Senda would be restrained from any share transfers until the full payment is made.

Additionally, Kiri Industries has initiated an examination of judgment debtor proceedings to recover legal costs awarded by the SICC and Singapore Court of Appeal. The company seeks information on Senda’s assets from relevant parties.

The shares are up by 10 per cent to ₹289 at 12:49 p.m. on BSE.

Related Topics
comment COMMENT NOW