Digital solutions company Sterlite Technologies Ltd (STL) on Thursday (December 7) said it has initiated arbitration proceedings against Aksentt Tech Services Ltd over an outstanding and overdue amount of ₹254 crore.
The dispute centres around products delivered and services provided by STL to Aksentt under the Master Agreement dated June 20, 2020, for Optical Fiber deployment services in 1960 Gram Panchayats in Maharashtra.
"STL claims outstanding and overdue amount of Rs. 254 Crores plus cost overrun and Interest for the value of goods delivered and services provided to Aksentt under the Master Agreement dated 20 June 2020 between STL and Aksentt for Optical Fiber deployment services in 1960 Gram Panchayats in the State of Maharashtra under Packages A & C of the MahaNet Project," it said.
The arbitration, led by Justice S. J. Kathawalla (Retired), is set to determine the quantum of claims, including the principal amount, cost overrun, and interest accrued, the company said in a regulatory filing at the exchange.
STL asserts that the outstanding dues are connected with the MahaNet Project, specifically under Packages A & C, and form an integral part of the Optical Fiber deployment services.
The financial implications of this legal dispute remain uncertain, with the matter currently sub judice, the company added.
Shares of Sterlite Technologies Ltd ended at ₹147.65, down by ₹0.30, or 0.20% on the BSE.
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