Garware Marine Receives Police Notice Over Lease Dispute

Garware Marine received a police notice from Economic Offences Wing-II, Chennai over alleged non-repayment of equipment lease rentals of Rs. 3,54,83,661.50.
The dispute involves ongoing litigation with Integrated Finance Company Limited (IFCL), with both suits clubbed and pending before the Hon. High Court of Madras.
Company has deposited Rs. 30 Lakhs in the Madras High Court and also filed a counter-suit against IFCL for recovery of Rs. 1.93 crore plus 18% interest.