Reliance power share price locked at upper circuit on winning lawsuit on Indonesia

Reliance power share price locked at 5% upper circuit on May 26 after the company won a lawsuit in an Indonesia court. 

Reliance Power Netherlands BV, a wholly-owned subsidiary of the company, has won a lawsuit on the central Jakarta District in Indonesia, challenging the validity of Singapore arbitration award favoring Reliance Power.

Kokos Jiang and prestige capital holdings, who were respondents in the arbitration, had filed a lawsuit in Jakarta court requesting nullification of the entire arbitration award.

As per the said Singapore arbitration award, arbitrators had ordered Kokos Jiang and Prestige Capital Holding Limited, Seychelles to pay Reliance Power Netherlands BV a sum of USD 43.2 million along with default interest.  

The Indonesian court has further reinforced the ongoing award execution process.

The total dues payable stand at $68 million as on the day of judgment.

Reliance power is on track to execute the award for a sum of $68 million during FY 2020-21.

At 14:52 hours, Reliance power is quoting at Rs 1.74, down RS 0.09, or 4.92%  on the BSE.

There were pending sell orders of 831,764 shares, with no buyers available.