17th Dec 2019 15:45
(Alliance News) - Alpha Real Trust Ltd on Wednesday said the Supreme Court of India has permitted the company to withdraw INR100 million plus interest accrued, totalling INR115 million, about GBP1.2 million, of a court-held deposit funded by Logix Group.
The Supreme Court has ordered Logix to deposit INR200 million with the court.
The company explained that this forms part of Alpha Real Trust's claim in respect of its Galaxia investment, a joint venture with Logix, regarding an 11.2-acre development site located in India.
In January 2015, the International Chamber of Commerce Arbitration declared an award in favour of the trust as a result of breaches by Logix. The total award amounted to GBP9.2 million, based on exchange rates at the time.
In addition, the court ruled a further 15% per annum interest on all sums from January 2015 until the date of payment by Logix. Alpha Real Trust said it has secured GBP2.2 million to-date.
The stock was trading 0.3% lower in London on Tuesday afternoon at 182.00 pence a share.
By Evelina Grecenko; [email protected]
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