Legal22 Aug 2025, 03:11 pm
Ashiana Housing Ltd Settles Dispute, Receives INR 18.50 Crores
AI Summary
Ashiana Housing Ltd has settled a long-pending dispute through arbitration proceedings against the breach of a Development Agreement dated 09th July 2015. The company had acquired development rights over a 19.72-acre land parcel in West Bengal through this agreement. As part of the settlement, Ashiana Housing Ltd has received INR 18.50 crores as a full and final amount, and the Development Agreement stands cancelled. The transaction is not a Related Party Transaction and the other party is not related to the promoter/promoter group/group companies.
Key Highlights
- Ashiana Housing Ltd settles long-pending dispute through arbitration proceedings.
- Company receives INR 18.50 crores as full and final settlement amount.
- Dispute pertains to the breach of a Development Agreement dated 09th July 2015.
- Agreement granted development rights over a 19.72-acre land parcel in West Bengal.
- Settlement marks the cancellation of the Development Agreement.