Minda Corporation to Pay EUR 5.5 Million as Per High Court Order

Minda Corporation Limited has been directed by the Hon'ble High Court of Delhi, New Delhi to enforce a settlement agreement with Mercedes-Benz Group AG, involving a payment of EUR 5.5 million (approximately Rs. 52 Crores). The amount was already deposited with the court and disclosed under 'Other Non-current Assets' as on 31 March 2024. The Company has accounted for this payable under 'other financial liabilities'. Despite this, based on legal opinion and indemnification from its promoter entity, there is no financial implication on the Company.