On account of losses on cancellation of an order for 300 customized buses
SML ISUZU announced that pursuant to cancellation of an order dated 16 July 2009 for supply of 300 customized buses placed on the Company by a customer and non resolution of the matter at the customer's end, the Company had invoked arbitration clause of the Contract and lodged its claim before the Arbitral Tribunal for losses suffered by the Company on this account.The Hon'ble Arbitral Tribunal has pronounced its Arbitration Award and has awarded an amount of Rs. 11.52 crore to the Company towards losses/costs suffered by the Company in earlier years.
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