21st Apr 2015 08:21
LONDON (Alliance News) - Alpha Real Trust Ltd on Tuesday said Logix Group has filed a challenge to the arbitration award made in Alpha Real's favour by the International Chamber of Commerce in January.
In January, Alpha said the Arbitral Tribunal ruled Logix had breached the terms of the shareholder agreement regarding the Galaxia joint venture in India and ruled Logix has to pay Alpha INR450 million, the amount Alpha invested in the joint venture, along with all associated arbitration costs.
Logix has now filed a petition appealing that ruling. Alpha Real said the matter has been adjourned for a hearing on July 15 and said it will provide further updates in due course.
Alpha Real shares were untraded Tuesday, having last traded at 66.36 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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