17th Aug 2026 11:38
(Alliance News) - Mercantile Ports & Logistics Ltd on Monday said its counsel had concluded submissions at a hearing concerning the insolvency proceedings of Karanja Terminal & Logistics Private Ltd.
Shares in Mercantile fell 5.4% to 1.75 pence on Monday morning in London
The Mumbai Bench of the National Company Law Tribunal heard Mercantile's submissions on Friday as part of the corporate insolvency resolution process of Karanja Terminal & Logistics.
Mercantile said its counsel presented evidence supporting the company's case that Prudent ARC Ltd intervened while a one-time settlement remained in force, and that subsequent actions by Prudent and the lenders terminated the one-time settlement process.
Managing Director Pavan Bakhshi commented: "Today we continued putting our case and the evidence before the tribunal in detail. We have been fighting for nearly a year to protect our asset and our shareholders from what we believe was a predetermined outcome. We will keep fighting as we have faith in the legal system."
The company noted the next Karanja hearing is scheduled for August 27.
By Niall Holden, Alliance News reporter
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