Dear Sir,
With reference to the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, we would like to inform you the following:
1) ONGC vide their letter dated March 24,2020 terminated their contract with Company bearing
No: MR/ES/MM/WOPMP/04/P851C16004/2016/9030008241 Dated April 05,2018. The
balance portion of the above contract to be completed will be around Rs 222.32 crores
2) ONGC had also invoked four PBGs amounting to Rs.36.63 Crs given in connection with the
above contract.
3) The Company is of the opinion that the above termination of contract and invocation of PBGs
are illegal and therefore, appropriate legal action will be initiated against ONGC as per the
provision of the contract.
Kindly take the above on record and oblige.