Business News
Reliance Infra serves arbitration notice on founder-promoters of Pipavav Defence
Reliance Infra and its arm have made a claim of Rs. 5,440.38 crore.
Reliance Infrastructure and its subsidiary Reliance Defence Systems Private Ltd. has served an arbitration on the founder promoters of Pipavav Defence and Engineering Ltd. (which has since been named as Reliance Naval and Engineering Ltd.
The notice has been issued to the founder-promoters represented by Nikil Gandhi, Bhavash Gandhi and their companies i.e. SKIL Infrastructure, Grevek Investments and Finance Private Ltd. and SKIL Shipyard Holdings Private Ltd.
In a filing with BSE, Reliance Infra said the notice was served on founder-promoters for breach of warranties under the purchase agreement dated March 4, 2014 with them.
Reliance Infra and its arm have made a claim of Rs. 5,440.38 crore.
