06-Oct-2026 22:00:02
HCL INFOSYSTEMS LTD. : ONGOING LITIGATION UPDATE
• HCL Infotech Limited, a wholly owned subsidiary, has received a judgment from the Principal District Judge, Muzaffarpur, Bihar, allowing an objection petition filed by Uttar Bihar Gramin Bank (UBGB) challenging an Arbitral Award dated 29.10.2019. • The award had allowed certain claims of HCL amounting to approximately ₹13.41 crore plus interest and costs. • The court held that the Arbitral Tribunal failed to make a categorical finding on the legality of the termination of the Service Agreement by UBGB and mechanically relied on the Arbitration Act for interest calculation. • Claims of HCL independent of the termination legality remain unaffected. • HCL is evaluating the judgment and available remedies, considering it ambiguous, and will take further action as advised. Impact: Neutral (Legal proceeding update with no immediate financial impact; further action pending evaluation of the ambiguous judgment.)
HCL Infosystems Limited
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