Ganesh Benzoplast Settles Longstanding Litigation with Morgan Securities, Paying Rs. 40 Crores
Jan 18 2025 | 3 months agoGanesh Benzoplast Ltd. has agreed to settle all disputes with Morgan Securities and Credits Pvt. Ltd. in accordance with a settlement agreement dated January 17, 2025. The Company had availed an inter-corporate deposit facility of Rs. 50 lacs from Morgan in the year 2000, and disputes arose regarding repayment. Morgan invoked arbitration, and an award was passed in December 2015, directing the Company to pay Morgan approximately Rs. 54 crores with further interest. The Company challenged this award in the Delhi High Court. After prolonged litigation, both parties agreed to resolve their disputes. Ganesh Benzoplast will pay Morgan Rs. 40,00,00,000 plus Rs. 3,25,00,000, which has already been received by Morgan. This settlement will allow the Company to proceed with its future growth prospects, as all restraining orders against the Company will fall away and all legal proceedings initiated by Morgan will be withdrawn.
- Ganesh Benzoplast settles longstanding litigation with Morgan Securities
- Company to pay Morgan Rs. 40,00,00,000 plus Rs. 3,25,00,000 as full and final settlement
- Settlement to pave the way for Company’s future growth prospects
- All restraining orders against the Company will fall away
- All legal proceedings initiated by Morgan will be withdrawn