Josts Engineering Company has announced a significant new order from Hindustan Aeronautics Limited (HAL), bolstering its position in the aerospace manufacturing sector. The company has received a purchase order for the manufacturing and supply of 46 Platform Trucks, showcasing its capabilities in producing specialized vehicles for the aerospace industry.

Order Details

The purchase order, valued at ₹2.54 crore (₹2,54,32,296.58), includes the cost of manufacturing and supplying 46 Platform Trucks (3 Wheeler). This amount is inclusive of GST and other relevant charges. The order was officially placed on September 17, and Josts Engineering Company confirmed its receipt on the same day.

Delivery Schedule

According to the company's disclosure to the BSE, the delivery of these Platform Trucks is scheduled to be completed by December on a staggered basis. This extended delivery timeline suggests a long-term commitment between Josts Engineering Company and Hindustan Aeronautics Limited, potentially indicating ongoing collaboration opportunities.

Strategic Implications

This order from HAL, a premier aerospace company, underscores Josts Engineering Company's expertise in manufacturing specialized vehicles for the aerospace sector. The substantial order value and the extended delivery period highlight the strategic nature of this contract, potentially opening doors for future collaborations in the aerospace industry.

Company's Statement

Babita Kumari, Company Secretary & Compliance Officer of Josts Engineering Company, confirmed the order details in the company's official communication to the BSE. The prompt disclosure aligns with the company's commitment to transparency and adherence to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This new order represents a positive development for Josts Engineering Company, potentially contributing to its revenue stream over the next few years and solidifying its position as a supplier to key players in the aerospace industry.

Josts Engineering Company has taken legal action against RENEW SOLAR ENERGY (JHARKHAND ONE) PRIVATE LIMITED, filing a lawsuit for the recovery of Rs 78.70 lakh, including interest. The suit, filed in the District Court of New Delhi, stems from an outstanding payment for machinery supplied and the alleged wrongful invocation of a bank guarantee.

Details of the Lawsuit

The company disclosed this information in a filing to the BSE under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. According to the filing, the lawsuit was initiated on September 15, in the Courts of District Judge, District New Delhi, Patiala House Court Delhi.

Financial Implications

Josts Engineering Company has provided insights into the potential outcomes of the litigation:

1. If the case is decided against Josts Engineering Company (the plaintiff), there will be no financial outflow for the company.
2. In the event of a successful litigation, the company expects to recover the entire principal outstanding amount plus claimable interest.

Background of the Dispute

The dispute arises from two main issues:

1. Outstanding payment for machinery supplied to RENEW SOLAR ENERGY (JHARKHAND ONE) PRIVATE LIMITED
2. Alleged wrongful invocation of a bank guarantee by the defendant

Company's Statement

Babita Kumari, Company Secretary & Compliance Officer of Josts Engineering Company Limited, stated in the BSE filing:

"We wish to inform you that our Company has filed suit for recovery against RENEW SOLAR ENERGY (JHARKHAND ONE) PRIVATE LIMITED... for an amount of Rs. 78,70,280/- (Rupees Seventy Eight Lakh Seventy Thousand Two Hundred Eighty Only) (including interest) towards outstanding payment of machinery supplied and wrongfully invocation of Bank Guarantee."

This legal action underscores the importance of contractual obligations and financial settlements in the engineering and renewable energy sectors. The outcome of this case may have implications for both companies involved and potentially set a precedent for similar disputes in the industry.