INDOWIND ENERGY LTD : COURT ORDERS BANK TO ENCASH GUARANTEE FOR RS 1 CR

• Bombay City Civil Court orders Bank of Baroda to pay Indowind Energy the principal amount of ₹1,00,00,000 from Bank Guarantee MPN/RCK/CICON/182/03-04 dated 26/05/2003. • Simple interest at 12% per annum is also awarded from 17/06/2004 till realisation. • The suit was filed by the Company against the Bank of Baroda and was partly decreed with costs. • The Company expects this realisation to strengthen its financial position and provide resources for expansion projects. • There is no adverse impact on the company's operations.

Indowind Energy Ltd

Open attachment

← Back to feed