Akash Infra Projects Limited has announced that it received a Common Order from the Commercial Court at City Civil Court, Ahmedabad, in a matter concerning the Company versus Ahmedabad Municipal Corporation (AMC). The Court affirmed the legality and reasoning of the Arbitrator’s Awards dated January 31, 2022, finding no contradictions or patent illegality in the Arbitral Tribunal's findings. Consequently, the Court rejected AMC's plea to quash these Awards. The Contractor's plea to enhance the awarded amounts was also rejected. As a result, all applications filed by both parties were dismissed, and the Arbitral Awards were upheld. The company has stated that there are no expected financial implications at this stage, as the plea for compensation was rejected. This disclosure is made in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
