Sterling and Wilson Renewable Energy Settles $2.25 Million Arbitration with OEG Inc.
Sterling & Wilson Renewable Energy Limited's subsidiary, Sterling and Wilson Solar Solutions Inc., has reached a $2.25 million settlement with OEG Inc. USA, resolving claims from an arbitration. The settlement, payable in two installments, will impact SWREL's financials by approximately INR 19.95 crore. SWSS has withdrawn certain counterclaims but reserved the right to pursue them in the future. SWREL disclosed this information under SEBI regulations and announced an upcoming board meeting to review financial results.

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Sterling & Wilson Renewable Energy Limited (SWREL) has announced a significant development in its ongoing legal proceedings. The company's subsidiary, Sterling and Wilson Solar Solutions Inc. (SWSS), has reached a settlement agreement with OEG Inc. USA, resolving certain claims and counterclaims arising from an arbitration initiated by OEG.
Settlement Details
The settlement outlines the following key terms:
Aspect | Details |
---|---|
Total Settlement Amount | $2.25 million (approx. INR 19.95 crore) |
Payment Schedule | Two installments: |
1. $0.75 million | |
2. $1.50 million | |
Impact on Financials | INR 19.95 crore on SWREL's financial position |
Legal Implications
As part of the agreement, SWSS has withdrawn certain counterclaims against OEG in the arbitration. However, these claims have been expressly reserved and may be pursued upon crystallization in the future. This strategic move allows SWSS to maintain its legal options while resolving the immediate dispute.
Company Disclosure
In compliance with regulatory requirements, SWREL has disclosed this information to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's prompt disclosure demonstrates its commitment to transparency in material developments affecting its operations and financial standing.
Upcoming Financial Results
In a separate announcement, SWREL has scheduled a Board of Directors meeting to consider and approve the unaudited financial results for the quarter and half-year. This upcoming financial disclosure will provide further insight into the company's performance and the potential impact of the settlement on its overall financial health.
The resolution of this legal dispute marks a significant step for Sterling and Wilson Renewable Energy Limited, potentially allowing the company to focus more on its core renewable energy business operations moving forward.
Historical Stock Returns for Sterling & Wilson Renewable Energy
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
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+4.19% | +1.46% | -7.61% | -0.53% | -56.05% | +16.87% |