Mercator commences the arbitrations for claims arising out of wrongful deductions made by DCI
Deepthi | Myequity news | Date : 01-02-2019 10:25:00 IST
Mercator Ltd. (Mercator) had commenced the arbitrations for claims arising out of wrongful deductions made by DCI from Invoices and damages arising out of the wrongful termination by DCI. It is clarified that the Tribunal has directed DCI to pay nearly 100% of the amounts they had wrongfully deducted from the Invoices, has held that the termination of contracts by DCI was wrongful and has awarded Mercator a part of the damages claimed for such wrongful terminations.
DCI's statement on the claims and percentage awarded is factually incorrect. The full amounts awarded by the Tribunal, being little over INR 50 crores, is due and payable by DCI.
DCI had challenged the Awards in the English High Court and after a detailed hearing, the Court has dismissed the appeals by its order dated 25.01.2019. The English Court has also refused DCI permission to file any further appeal and the Awards are final and binding.
DCI had previously also challenged the Awards in India before the Delhi High Court and these challenges were dismissed by the Delhi High Court by an order dated 10.10.2018. DCI has also not filed any appeal against such dismissal, which it cannot now do.
Mercator is taking steps to realize the sums of more than INR 50 crores which are due from DCI to it under the Awards.