Velan Hotels Settles Litigation with Mohan Clothing for Rs. 20 Lakhs

Velan Hotels Ltd has resolved its litigation with Mohan Clothing Company Pvt Ltd through an out-of-court settlement. The dispute was regarding an award issued by a sole Arbitator, demanding the refund of a Rs. 9.82 lakh interest-free security deposit and additional claims. The Company, having challenged the claim in higher courts, has now agreed to pay Rs. 20 lakhs to Mohan Clothing Company Pvt Ltd, thereby avoiding further litigation. The appeal case is now considered closed.