Elecon Engineering Company had initiated arbitration proceedings before the Arbitral Tribunal at Chennai against BGR Energy Systems for recovery of various dues to it.
The Tribunal has passed the awards in favour of Elecon Engineering aggregating to ₹37.57 crore plus interest from the date of award till their realisation. The Tribunal further directed BGR Energy Systems to return the bank guarantees as submitted by the company. Shares of Elecon closed flat at ₹30.25 while those of BGR Energy slipped 2.5 per cent at ₹33.05 on the BSE.