General Announcement::Disclosure under Reg. 30 of the SEBI (LODR), 2015

Issuer & Securities

Announcement Title: General Announcement
Date &Time of Broadcast: 31-Jul-2019 20:13:18
Status: New
Announcement Sub Title: Disclosure under Reg. 30 of the SEBI (LODR), 2015
Announcement Reference: SG190731OTHRXTS5
Submitted By (Co./ Ind. Name): Rajendra Kothari
Designation: Chief Financial Officer
Effective Date and Time of the event: 31/07/2019 17:00:00
Description (Please provide a detailed description of the event in the box below): This is regarding Mercator Oil & Gas Limited (MOGL) a 100% subsidiary of Mercator Ltd.
In continuation of our letter ML/SE/2018-19/9 dated October 12, 2018, this is to inform that the appeal filed by the MOGL was dismissed by Hon ble Bombay High Court vide order dated July 29, 2019, by virtue of which ONGC has invoked the bank guarantees and consequently proceeds of Rs. 142.19 Crores have been remitted to ONGC by Axis Bank Limited. This would increase the debt of MOGL by an equivalent amount.

MOGL has already invoked arbitration with ONGC and will be claiming this amount from ONGC in arbitration. As per the clause of the contract, this arbitration is binding and trial may be completed by September 2020.

This is for your information and record.

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