Varroc Engineering Limited Provides Update on Outstanding Claim
Varroc Engineering Limited announced an update on an outstanding claim filed by its step-down subsidiary, Varroc Electronics Romania S.R.L. ('VeR'), under a Supply Agreement with Opmobility Lighting Holding ('OP Mobility'), a Plastic Omnium Group Company. The claim relates to a dispute initiated by VeR against OP Mobility. The case is currently being heard by the Paris Court of Appeal.VeR initially filed a claim against OP Mobility before Paris Commercial Court, seeking a claim of Euro 76 million plus other costs. Subsequently, an appeal was filed by VeR against the judgement of Paris Commercial Court, maintaining the claim of Euro 76 million plus other costs. OP Mobility has also filed an appeal and counterclaim.
As of the current proceedings, the quantum of claims stands at Euro 39.16 million, against the original claim of Euro 76 million plus other costs. Financial implications will depend on the final outcome of the proceedings. Varroc Engineering Limited is currently evaluating the matter and considering legal and contractual remedies.
The details of the dispute, as required under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, are summarized below:
| S. No. | Particulars | Details |
|---|---|---|
| 1. | Name of the opposing party | Opmobility Lighting Holding (' OP Mobility ') Plastic Omnium Group Company, incorporated under the laws of France. |
| 2. | Name of Court/Tribunal/Agency | Paris Court of Appeal |
| 3. | Brief details of dispute/litigation | VeR initially filed a claim against OPMobility before Paris CommercialCourt. Later, an appeal was filed by VeR against the judgement of Paris Commercial Court, seeking a claim of EURO 76 million plus other costs, meanwhile OP mobility has also filed an appeal/ counterclaim. |
| 4. | Expected Financial Implications | Financial implications will depend on the outcome of the proceedings. |
| 5. | Quantum of Claims | Euro39.16 million against the original claim for Euro 76 million plus other costs lodged by VeR |
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