Garware Marine Industries Receives Notice Regarding Equipment Lease Dispute
Garware Marine Industries Ltd. has received a notice from the Deputy Superintendent of Police, Economic Offences Wing-II, Chennai, alleging a failure to repay equipment lease rentals. The notice pertains to an Equipment Lease Agreement and amounts to Rs. 3,54,83,661.50. The company has been directed to appear before the authority within 15 days with payment receipts and relevant documents.The dispute is linked to ongoing litigation involving Integrated Finance Company Limited (IFCL) and Garware Marine Industries Ltd. concerning the recovery of machinery lease rent. Garware Marine has deposited Rs. 30 Lakhs in the Hon. High Court of Madras as part of this legal action.
Further complicating the matter, Garware Marine Industries Ltd. initiated a separate suit against Integrated Finance Company Limited for Rs. 1.93 crores, including interest at 18%. This suit, initially filed in the High Court of Bombay, was transferred to the Hon. High Court of Madras and has since been combined with the IFCL suit. Both cases are currently pending before the Hon. High Court of Madras.
Management is currently evaluating the situation and seeking legal counsel to formulate a response, given the sub judice nature of the matter and its classification as a civil dispute. The company indicated it will provide updates on any significant developments.
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