Legal Proceedings Update
Parties Involved:
- Claimant: Varroc Electronics Romania S.R.L. (VeR), step-down subsidiary of Varroc Engineering Limited
- Defendant: Opmobility Lighting Holding Plastic Omnium Group Company, a private limited liability company incorporated under French laws, registered with Commercial and Companies Registry of Lyon under no. 908 521 651, with registered offices at 19, boulevard Jules Carteret, 69007 Lyon, France
Legal Venue: Paris Court of Appeal / Paris Commercial Court
Case Background:
The dispute arises from a Supply Agreement executed between VeR and OP Mobility. Initially, VeR filed a claim against OP Mobility before the Paris Commercial Court.
Current Status:
VeR has initiated procedural steps for withdrawal in connection with pending appeal proceedings and has commenced fresh proceedings before the Paris Commercial Court against OP Mobility and certain of its subsidiaries. The fresh proceedings arise from the same Supply Agreement and seek recovery of approximately EUR 67 million.
Quantum of Claims: EUR 67 million plus other costs
Current Stage: The matters are at a preliminary stage, and notices are currently in the process of being served on OP Mobility.
Financial Implications
The financial implications, if any, will be determined based on the outcome of the proceedings, which are currently ongoing. No specific financial impact has been quantified in this disclosure.
Future Communications
Any further developments in the above matters will be informed to the Stock Exchanges from time to time.
#Tags: #VarrocEngineering #LegalDispute #SEBIDisclosure #RegulatoryCompliance #Neutral