Parties Involved
- Claimant: M/s. Psi Phi Global Solutions Private Limited
- Respondent: Apollo Finvest (India) Limited
Basis of Dispute
The arbitration proceedings arise from a Master Service Agreement dated December 1, 2022 (including subsequent addendum) entered into between the company and the claimant for provision of certain services.
Claim Details
The claimant has asserted claims aggregating to ₹6,02,81,512 (₹6.03 crore) against the company.
Legal Proceedings Details
- Forum: Arbitration proceedings under the Hon'ble High Court of Judicature at Bombay
- Place of Arbitration: Mumbai, India
- Status: Proceedings have been initiated by the claimant
Company's Response
The company has engaged its legal counsel to file its response contesting the claim raised by the claimant. The company has reviewed the claims and is of the view that the allegations and claims made by the claimant are without merit. The company intends to vigorously defend its position in the arbitration proceedings and pursue all remedies available under law.
Financial Impact Assessment
Based on the company's current assessment, supported by the facts presently available and legal advice received, the management believes that the aforesaid proceedings are not expected to have any material adverse financial impact on the company. The company is taking requisite steps to safeguard its interests.