SEPC Ltd Receives Termination Notice for EPC Sub-Contract with Shalimar Corp Limited
SEPC Ltd has announced that its unincorporated joint operation, SEPC-Furlong JV, has received a termination notice regarding an EPC Sub-Contract and the associated Letter of Award (LOA).The company confirmed it had previously signed an EPC Sub-Contract with M/s. Shalimar Corp Limited (SCL). This contract was for the 'Widening / Upgradation to four lane configuration of Shahjahanpur -Bisalpur section in Uttar Pradesh.'
Prior to receiving the notice, SEPC Ltd had received the LOA, which covered a lump sum turnkey contract price amounting to Rs. 521.46 crore (Rupees Five Hundred Twenty-One Crore and Forty-Six Lakh only).
The company stated that it has now received the termination notice via email regarding the cancellation of the Sub-Contract and LOA.
SEPC Ltd informed stakeholders that the matter resulting from the contract status has been referred to arbitration. The company will keep relevant parties informed of any material developments related to this issue.
SEPC Stock Price Movement
On Friday, SEPC Limited shares rallied, settling at ₹6.60 after gaining 2.33%, which represented an increase of ₹0.15 over the previous close. The stock saw strong trading activity as it closed on a volume of 12.35 million shares.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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