Arbitration Initiated Against Apollo Finvest India Ltd; Claimant Asserts INR 6 Crore Claim
Apollo Finvest India Ltd is facing arbitration proceedings initiated by M/s. Psi Phi Global Solutions Private Limited regarding a Master Service Agreement. The dispute centers on services provided under an agreement signed between the two entities.The Claimant, M/s. Psi Phi Global Solutions Private Limited, has filed the matter before the Hon'ble High Court of Judicature at Bombay. These arbitration proceedings stem from a Master Service Agreement, along with subsequent addenda, that was entered into on December 1, 2022.
M/s. Psi Phi Global Solutions Private Limited has asserted claims against Apollo Finvest India Ltd aggregating to INR 6,02,81,512.
Dispute Details and Company Stance
The company reviewed the allegations and claims made by M/s. Psi Phi Global Solutions Private Limited and maintains that the assertions are without merit. Apollo Finvest intends to vigorously defend its position in the ongoing arbitration proceedings and will pursue all available remedies under the law.According to the internal assessment conducted by the management, based on the facts currently available and legal advice received, the company does not expect these proceedings to have any material adverse financial impact. The management is actively taking steps to safeguard the interests of the company.
The details regarding this litigation are summarized below:
| Category | Detail |
|---|---|
| Claimant | M/s. Psi Phi Global Solutions Private Limited |
| Court/Tribunal | Arbitration proceedings under the Hon'ble High Court of Judicature at Bombay |
| Dispute Origin | Master Service Agreement dated December 1, 2022 (including subsequent addendum) |
| Quantum of Claims | INR 6,02,81,512 |
| Financial Impact Assessment | Not expected to have any material adverse financial impact on the Company |
The company confirmed that it has engaged legal counsel to file its response contesting the claim raised by the Claimant.
Stock Price Movement
As of 14:21, shares of Apollo Finvest India Ltd are ticking down to ₹350.00, after dipping by 2.33%. The stock moved through an intraday range, finding a low of ₹346.10 and reaching a high of ₹356.80.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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