Gujarat Themis Biosyn Initiates Arbitration Against Optimus Drugs Over Alleged Supply Agreement Breach
Gujarat Themis Biosyn Limited has initiated an arbitration proceeding against Optimus Drugs Private Limited following the termination of a supply agreement that the company claims violated agreed terms.The dispute, which is currently before a Learned Sole Arbitrator, centers on allegations that Optimus Drugs terminated the agreement contrary to its provisions. Gujarat Themis Biosyn Limited (GTBL) has filed the arbitration proceeding claiming multiple forms of compensation and damages from the respondent company.
Key aspects of the litigation include claims for break fees, interest on delayed payments, and general financial losses. GTBL alleges that Optimus Drugs breached the mandatory "Take-or-Pay" minimum purchase obligations stipulated in the agreement.
The total quantum of the claims made by Gujarat Themis Biosyn Limited is detailed below:
| Claim Category | Amount | Basis for Claim |
|---|---|---|
| Break Fees | Rs. 75,00,00,000 | Breach of "Take-or-Pay" minimum purchase obligations by Optimus Drugs. |
| Interest on Delayed Payments | Rs. 23,80,849/- | Including further interest until actual payment. |
| Damages and Financial Losses | Rs. 15,00,00,000/- | Resulting from the dispute. |
The company has also claimed costs and other relief before the Tribunal. Regarding financial implications due to penalties or compensation, GTBL stated that it does not expect any financial implication in this regard as it has initiated the arbitration proceeding claiming recovery and damages.
GUJTHEM Stock Price Movement
Gujarat Themis Biosyn Limited shares slipped by 2.72% on Thursday, settling at ₹393.50 after shedding ₹10.90 from its previous close of ₹401.20.The stock registered a total traded volume of 118,421 shares during the session.
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