DIC India , a leading player in the printing inks and allied materials industry, faces a new legal challenge as Agam Agochars Private Limited has filed a petition to set aside the interim arbitration award of ₹2.09 crore. The company disclosed this development following the service of an advance copy of the challenge petition.

Background of the Arbitration Award

The arbitration process began earlier when DIC India sought to recover outstanding payments from Agam Agochars Private Limited. On August 20, 2025, the Honorable Sole Arbitrator passed an interim award in favor of DIC India under Section 31(6) of the Arbitration and Conciliation Act, 1996.

Legal Challenge and Court Proceedings

On December 10, 2025, Agam Agochars served an advance copy of their petition challenging the interim award under Section 34 of the Arbitration and Conciliation Act, 1996. The petition has been filed before the Delhi High Court as OMP(COMM) No. 539 of 2025, seeking to set aside the entire interim award granted to DIC India.

Latest Court Developments

The matter was listed before the Delhi High Court on December 17, 2025. The Court has issued notice upon DIC India and granted it time to file its reply before the next date of hearing. The case is scheduled for the next hearing on December 22, 2025, where DIC India will have the opportunity to present its response to the challenge petition.

Previous Enforcement Actions

This challenge comes after DIC India had filed an execution petition for enforcement of the interim award, as disclosed by the company on November 29, 2025. The enforcement proceedings were initiated to recover the awarded amount following the favorable arbitration decision.

Interest Calculations and Components

The interim award structure includes multiple interest components designed to compensate DIC India for the delayed payments:

• Historical Interest: Calculated at 18% per annum, compounded monthly, from respective invoice due dates until the Statement of Claim filing
• Ongoing Interest: Simple interest at 6% per annum from the Statement of Claim date until actual payment
• Principal Amount: ₹2.09 crore representing the core outstanding dues admitted by the arbitrator

Current Status and Implications

The legal challenge creates uncertainty regarding the recovery timeline for DIC India. While the company had secured a favorable interim award, the Section 34 petition filed by Agam Agochars could potentially delay or complicate the enforcement process. The Delhi High Court will now examine the grounds for challenging the arbitration award during the upcoming hearing.

Regulatory Compliance

DIC India made this disclosure in compliance with SEBI regulations, specifically under Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company continues to keep stakeholders informed about material developments in this ongoing legal matter.

DIC India Limited announced significant board changes following its meeting held on December 10, 2025. The Board of Directors approved the appointment of Avijit Mukerji as an Additional Independent Director, marking a strategic addition to the company's leadership structure.

Board Meeting and Appointment Details

The appointment was approved based on recommendations from the Nomination Remuneration Committee during the board meeting that commenced at 11:15 AM and concluded at 6:30 PM on December 10, 2025. The company has informed all major stock exchanges including BSE, NSE, and The Calcutta Stock Exchange about this development.

Professional Background

Avijit Mukerji brings substantial expertise to DIC India's board with his distinguished career in finance and advisory services. As a Chartered Accountant (FCA), he previously served as a Partner at PriceWaterhouse and held several senior leadership positions at PwC India, including roles on the India Board and Leadership Team.

Currently, Mukerji serves as Managing Partner at Tatva Sutra Solutions LLP, which specializes in equity research, advisory, and investment services. His academic achievements include securing national rankings in both Intermediate (AIR 12) and Final (AIR 21) examinations of the Institute of Chartered Accountants of India.

Current Board Positions

Mukerji's extensive board experience spans multiple sectors and organizations:

Shareholder Approval Process

The Board also approved conducting a postal ballot to seek shareholder approval for Mukerji's appointment as Additional Independent Director. This process will enable all company members to participate in the decision-making process regarding the board composition and all necessary actions in connection therewith.

Regulatory Compliance

The appointment announcement was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Mukerji is not debarred from holding the office of director by virtue of any SEBI order or other regulatory authority, ensuring full compliance with regulatory requirements as mandated under BSE and NSE circulars.

This strategic appointment reflects DIC India's commitment to strengthening its board with experienced professionals who can contribute to the company's growth and governance objectives.