ION Exchange (India) Limited has announced a significant development in a pending litigation concerning a claim filed by Angeripalayam Common Effluent Treatment Plant Limited (ACETP). The claim was for alleged non-performance of an Effluent Treatment Plant, seeking damages for capital cost, loss of production, plant failure, and operational costs.

The Sole Arbitrator, Mr. S. Parthasarathy, Senior Advocate, has passed an arbitral award stating that both the claim and the counter-claim are barred by the law of limitation and have consequently been dismissed.

As a result, the arbitral award of ₹17.48 crore, along with interest, which was passed against Ion Exchange (India) Limited, now stands dismissed. This litigation was previously part of the contingent liability disclosure in the company's notes to accounts. The company has provided this update in accordance with Regulation 30 of the SEBI Listing Regulations.