Stocks

Company news: Orient Electric Ltd

| Updated on December 18, 2019 Published on December 18, 2019

Orient Electric Ltd has initiated legal actions against Orient General Agencies (Bombay) Private Ltd and Alco Logistics Pvt Ltd (formerly Apollo Fiege Integrated Logistics Pvt Ltd) for recovery of dues. The company had supplied goods to OGA through Alco Logistics Pvt Ltd for over ₹14 crore during the May-November 2017 and January-April 2019 periods. Despite several rounds of deliberations with OGA and Alco, Orient Electric could not recover the dues. The company has initiated legal actions against OGA, Alco and their erstwhile directors. Orient Electric has already made appropriate provisions for the outstanding amount, the company said. Shares of Orient Electric jumped 5.55 per cent to ₹195 on the BSE.

Published on December 18, 2019
This article is closed for comments.
Please Email the Editor