TVS Supply Chain Solutions Withdraws NCLAT Appeal Following Settlement with ZTE Telecom
TVS Supply Chain Solutions Limited has withdrawn its appeal before the National Company Law Appellate Tribunal (NCLAT) following a settlement reached with ZTE Telecom India Pvt. Ltd. The matter concerned operational dues claimed by TVS Supply Chain Solutions from ZTE Telecom for services provided under the existing business arrangements between the two parties.The Company confirmed the status update regarding the proceedings in the NCLAT, detailing the terms of the settlement.
The details of the litigation matter and the subsequent settlement are summarized below:
| Particulars | Details |
|---|---|
| Appellant | TVS Supply Chain Solutions Ltd. |
| Opposing Party | ZTE Telecom India Pvt. Ltd. |
| Court/Tribunal | Hon'ble National Company Law Appellate Tribunal, New Delhi (NCLAT) |
| Matter Overview | The dispute related to operational dues claimed by the Company from ZTE Telecom for services rendered. |
| Settlement Terms | The parties have settled the matter, with an amount of INR 1.62 Crores paid by ZTE Telecom. The Company subsequently withdrew the petition. |
| Financial Impact | The impact of the settlement was reported as not material to the financial position of TVS Supply Chain Solutions. |
The settlement included a payment of INR 1.62 Crores from ZTE Telecom, upon which TVS Supply Chain Solutions withdrew its petition before the NCLAT. The Company noted that the financial impact arising from this settlement is not considered material to its overall financial position.
TVSSCS Stock Price Movement
Today, TVS Supply Chain Solutions Limited shares slipped by 0.82% to settle at ₹112.43. The stock finished the day trading on a volume of 304,040 shares, marking a decline from its opening price of ₹114.Source:
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