Home Market Kiri Industries rallies 20% after Singapore Court gives judgement in favour of...

Kiri Industries rallies 20% after Singapore Court gives judgement in favour of company

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Shares of Kiri Industries rallied 20 per cent on Tuesday after a Singapore Court gave a long-pending judgement in favour of the company.

The scrip jumped by Rs 96 to Rs 576.15.

In a BSE filing the company said, “The court was pleased to direct Senda to purchase KIL's 37.57 per cent shareholding in DyStar, based on a valuation to be assessed. The court has also directed the parties to attend a Case Management Conference on a date to be decided by the court…”

The court also directed that Kiri Industries (KIL) shareholding be valued as of the date of the judgment.

It shall take into consideration and incorporate all of the following: the Special Incentive Payment made by DyStar to Ruan, challenged by KIL and the Longsheng Fees for 2015 and 2016 challenged by KIL (if the valuer ascertains that it has been paid out as of the date of this judgment).

It would also consider the licence fees that Longsheng has obtained from the Patent, which according to KIL had a huge value; the benefit that Longsheng has obtained from its commercial use of the patent for its own production; and the loss to DyStar, directly or by impact through subsidiaries, from the Related Party Loans, the Cash-pooling Agreement and the Longsheng Financing Concept.

Accordingly, the court directed that the losses caused to DyStar by Senda's "oppressive" acts be written back into DyStar's value.

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