Press release
Quartz wins Arbitration Case against Jindal India Thermal Power Ltd
JITPL has constructed the said plant with an investment of more than 6,000 Crores and is a part of the B.C. Jindal Group which has interest in listed companies such as Jindal Poly Films Ltd and Jindal Photo Ltd.
The Director of Quartz Mr. V.S.Raju said that in a desperate attempt to drag the case, JITPL has gone to the extent of filing three versions of same specification document and arguing on false documents which are offences under the Indian Penal Code. In this context the Tribunal stated that JITPL made wrongful representation on many occasions and suppressed material facts. It may be noted that the Modi Government has recently amended the Arbitration and Conciliation Act 1996 to close several loopholes including the passage of time-limit of 12 months for conclusion of the Arbitration case. Mr. Raju said that they would be taking up the false documents issue in criminal courts as there is prima facie evidence of forgery also.
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