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Shares of Voltas Ltd fell 3.3% to an intraday low of ₹1,348 apiece on the BSE.
The legal dispute stems from a subcontract agreement between Voltas and the OHL&C consortium, under which Voltas had filed a case against the joint venture—termed ‘OHLC JV’—at the Investment and Trade Court in Doha, Qatar, on August 14, 2023. The company sought to recover QAR 771.632 million (₹1,754.69 crore) for completed work, project variations, and delays.
In response, OHLC JV filed counterclaims amounting to ₹7,384.83 crore, including ₹6,409 crore in damages. Voltas contested these claims, arguing that it had fulfilled all contractual obligations.
As part of the dispute, Voltas had issued two bank guarantees worth QAR 166.720 million (₹373 crore), which OHLC JV sought to encash. However, the bank involved withheld the payment, prompting OHLC JV to initiate legal action against the bank.According to Voltas’ latest exchange filing, the Qatar Court has now ruled in favour of OHLC JV, ordering the bank to release the guarantees and an additional compensation of QAR 1 million. The court also dismissed Voltas’ claims, stating that the company had been overpaid after accounting for repair costs.
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Citing anomalies in the ruling, Voltas said it is in discussions with legal advisors and plans to appeal the verdict in the Court of Appeal.
At around 2 pm on Thursday, Voltas shares were trading 3.27% lower at ₹1,348.8 apiece on the BSE.
(Edited by : Shersh Kapoor)
