What's covered under the Article

John Cockerill India Limited has updated the BSE Limited regarding the resolution of an ongoing arbitration dispute with Mr. Sanjay Kamalakar Navare, an ex-employee of the company. The company had previously informed the stock exchange on January 12, 2024, regarding the arbitration proceedings against Mr. Navare. This was due to a breach of obligations under the Employee Non-Disclosure and Non-Solicitation Agreement executed between the company and Mr. Navare.

Key Update on the Arbitration Case:

• Date of Settlement: The parties involved have reached an amicable settlement on March 19, 2025, which was formally recorded under consent terms before the Ld. Sole Arbitrator, Adv. Sandeep Parikh.
• Legal Outcome: The settlement was approved by the arbitrator, who passed the consent award on the same day, March 19, 2025.

Settlement Terms:

The consent terms included the following key conditions:

• Indemnity: Mr. Navare provided an indemnity against any future breach of the consent terms.
• Payment: Mr. Navare is required to make a payment of INR 1,00,000 (Indian Rupees One Lakh) to John Cockerill India Ltd. This payment is to be made within seven days of the execution of the consent terms, and it marks the full and final settlement of the dispute.

Details of the Dispute:

• The arbitration was related to the breach of the Employee Non-Disclosure and Non-Solicitation Agreement signed between the company and Mr. Navare.
• The arbitration proceedings were initiated by John Cockerill India Ltd. under the arbitration clause of the aforementioned agreement.

Financial Impact:

There is no significant financial impact resulting from the settlement of the dispute, except for the legal and associated costs incurred by the company during the proceedings. The settlement is expected to resolve the issue without any further financial burden.

SEBI Disclosure Requirements:

In compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the company has filed this update to the BSE and provided detailed disclosure, as required. The settlement falls within the purview of SEBI's circular regarding updates on such matters.

Impact on Company Operations:

• The resolution of this dispute through the amicable settlement is expected to not affect the company's operations. It has been a cost-effective solution, allowing the company to move forward without any further legal complexities.
• No litigation or changes in the status of key management personnel were involved in this case.

Conclusion:

The settlement brings an end to the legal dispute between John Cockerill India Ltd. and Mr. Sanjay Kamalakar Navare, and allows the company to focus on its operations without any further legal distractions. The payment of INR 1,00,000 serves as a final settlement for the breach of the Employee Non-Disclosure and Non-Solicitation Agreement, and the matter is now considered closed.

This update is provided in accordance with SEBI regulations to ensure full transparency and compliance.

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