McLeod Russel India : Updates

			26th December, 2022
The Secretary,	The Secretary,		The Secretary,
BSE Ltd.,	National Stock Exchange	The Calcutta Stock Exchange,
P.J. Towers, Dalal Street,	of India Ltd.,		Association Ltd.,
MUMBAI-400 001.	Exchange Plaza,	7, Lyons Range,
Scrip Code: 532654	5th Floor,		KOLKATA-700 001.
	Plot No.C/1,G Block,		Scrip Code: 10023930
	Bandra-Kurla Complex,
	Bandra (E),

MUMBAI-400 051.

Scrip Code: MCLEODRUSS

Dear Sir,

This is further to our letter dated 15th July 2022, whereby Company had informed that Vide Order dated 11 July 2022, the Hon'ble Supreme Court of India referred the matter titled 'Cox & Kings Ltd. v SAP India Pvt. Ltd.'; Arbitration Petition (Civil) No. 38/2020 to a larger bench while tagging the Company's Special Leave Petition with the Cox & Kings matter on 11 July 2022. The Hon'ble Supreme Court of India was, however, not inclined to not pass any interim order/s at this stage. The larger bench has not yet been constituted by the Hon'ble Supreme Court.

We further wish to write to you with regard to the arbitration proceedings initiated under the aegis of International Chambers of Commerce in respect of alleged dues pursuant to a facility agreement. In the aforesaid arbitration, the Company had challenged the jurisdiction of the arbitral tribunal under the Arbitration & Conciliation Act, 1996, qua being made a party to the said arbitration proceedings, despite the Company not being a party or a signatory to the said agreement and/ or connected agreements and therefore, the Company not being liable for any alleged dues under the said agreement/s.

A partial award has been received on December 23, 2022, wherein the arbitral tribunal has held that the Company is a party to the arbitration agreement and thus, the arbitral tribunal has jurisdiction over the Company in the said arbitration. The arbitral tribunal has also held that the above partial award does not necessarily imply that the Company is in breach of obligations under the said agreement nor necessarily lead to liability on the part of the Company under the said agreement towards the Claimants in the arbitral proceedings.

The Company continues to maintain its position that it is not a party to the said agreement and/ or any connected agreement, and it is not liable to the Claimants under the terms therein. In this regard, the Company will evaluate all available legal options, based on advice from its legal counsel.

This is for your information and record.

Kindly acknowledge receipt.

Thanking you,

Yours faithfully,

McLEOD RUSSEL INDIA LIMITED

ALOK KUMAR SAMANT

COMPANY SECRETARY