Arbitration Award Details
- Award Amount: ₹24,55,614 (Twenty Four Lakh Fifty Five Thousand Six Hundred Fourteen Rupees)
- Interest: Simple interest @ 12% per annum effective from 09 August 2019 to 02 July 2026
- Award Date: 02 July 2026
- Issuing Authority: The Gujarat High Court Arbitration Centre, Sola, Ahmedabad
- Case Parties:
- Claimant: Pareshkumar Prabhudas Patel
- Respondents: Span Divergent Limited, Aranya Agri Biotech LLP, and Viral Pradipkumar Desai
- Subject Matter: Dispute relating to employment agreement with the claimant
Legal Status and Company Response
The arbitral award is adverse to the Company. Based on legal advice received, the Company is considering appropriate legal remedies available under applicable laws to challenge the award. The award has not attained finality as it is subject to further legal recourse.
Financial Impact Assessment
The award may have an adverse financial impact on the Company to the extent of the amount awarded together with applicable interest. However, the ultimate financial impact will depend on the outcome of legal proceedings as the Company proposes to challenge the award before the competent court/forum.
Compliance Statement
The delay in disclosure was described as inadvertent and unintentional. The Company confirmed there was no intention to withhold material information and has strengthened its internal compliance mechanism to prevent recurrence.