The Company has informed following to the Stock Exchanges in compliance of Clause 36 of the listing agreement.
1. Hardy Oil and Gas Limited (“Hardy”) has filed two suits before Hon’ble Civil Judge (S.D.), Vadodara (being Special Civil Suit No. 18 of 2005 and Special Civil Suit No. 118 of 2005 respectively) against Hindustan Oil Exploration Company Limited (“HOEC”) and other shareholders for enforcement of its alleged rights under a shareholders agreement. In the first suit, upon application made by HOEC, the Hon’ble Civil Court, Vadodara has directed parties to approach before arbitral tribunal for resolving their disputes and the ex-parte ad-interim order granted in favour of Hardy has been vacated. It may be noted that Hardy had filed petition under Section 9 of the Arbitration and Conciliation Act, 1996 before the Hon’ble District Judge, Vadodara for interim measures pending arbitration. The Hon’ble District Judge has dismissed the said petition filed by Hardy with costs.
2. In the second suit being Special Civil Suit No. 118 of 2005, HOEC has filed similar application for dismissal of the said suit and to refer the parties to arbitration. The same is pending with Hon’ble Civil Court, Vadodara and no interim orders have been passed.
3. HOEC along with other shareholders has initiated arbitration proceedings before London Court of International Arbitration (LCIA) for declaration that Hardy is not entitled to claim any rights and/or benefits under the Shareholders’ Agreement or in any manner enforce the said Shareholders’ Agreement