The Queensland Supreme Court has ruled in favour of Advanta Seeds, a subsidiary of UPL.
"We are pleased that the Supreme Court of Queensland in Australia has dismissed a class action litigation against Advanta Seeds Pty Ltd, Company's subsidiary in Australia. This class action, funded by a UK based litigation funder, alleged that seeds sold by Advanta in 2010/2011 to certain growers in Queensland and News South Wales region of Australia, were contaminated," the company said in a regulatory filing.
Advanta Seeds stated that its team has continued to work closely with growers in the interests of improved crop productivity and farm management. The company invests heavily in research and development and continue to pioneer industry-leading practices and new seed products.
"From here, we intend to continue to invest in research, technology and new products and support those hardworking farming businesses who are the backbone of Australia's agricultural sector. We respect the 28-day period that the plaintiffs now have to consider whether to appeal this decision. Given this, we will not be making any further comment regarding the case at this time, Advanta Seeds said in a statement.
On a consolidated basis, UPL reported a 12.6% jump in net profit to Rs 944 crore on 2.6% rise in net sales to Rs 9,126 crore in Q3 FY21 over Q3 FY20. UPL is a global provider of sustainable agriculture products & solutions.
Shares of UPL gained 0.87% to Rs 609.70 on BSE.
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