Sterlite Technologies Wins Dispute Over DoT Demand, Securing Zero Financial Exposure
Sterlite Technologies Limited has successfully navigated a dispute with the Department of Telecommunications (DoT), culminating in a favorable Arbitral Award and subsequent judicial confirmation that upheld the company's position regarding an intellectual property demand.The litigation began when the Department of Telecommunications issued a demand notice to Sterlite Technologies Limited on August 24, 2020. The demand was for INR 8.56 Crores and alleged a violation of the terms related to the company’s IP-I Registration.
Sterlite Technologies contested the matter and took the dispute before Justice Kailash Gambhir (Retd.), Ld. Sole Arbitrator. On May 17, 2023, the Company secured a favourable Arbitral Award that entirely quashed the demand raised by the DoT.
Following the Arbitration Award, the DoT challenged the decision under Section 34 of the Arbitration and Conciliation Act, 1996, before the Hon'ble High Court of Delhi. The Hon'ble Court dismissed this petition, thereby upholding the Arbitral Award in favour of Sterlite Technologies Limited.
As a result of the proceedings, Sterlite Technologies confirmed that it holds zero financial or operational exposure related to the original dispute initiated by the Department of Telecommunications.
STLTECH Stock Price Movement
Shares of Sterlite Technologies Limited on Friday slipped by 1.94% to settle at ₹647.75, trading amidst intense market activity. The decline followed a session where the stock had managed to touch its 52-week high, despite closing near the low end of its price band.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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