Broadband technology company Sterlite Technologies has reached a settlement with the Data Management Centre, agreeing to pay $467,400 (approximately Rs 4 crore) to resolve a dispute. The Data Management Centre had previously sought $2.7 million (around Rs 23 crore) in damages due to delays and unmet obligations in their agreement with Sterlite. According to a regulatory filing, the settlement was reached without any admission of liability, allowing both parties to move forward. Sterlite Technologies, which specializes in manufacturing optical fiber cables, recently saw its shares close at 131.15, down 0.3 percent on the Bombay Stock Exchange.
Broadband technology company Sterlite Technologies has reached a settlement with the Data Management Centre (DMC) for $467,400, approximately Rs 4 crore. This decision follows a dispute in which DMC sought $2.7 million in damages from Sterlite for not fulfilling its obligations under their agreement. The settlement, executed without admitting liability by Sterlite, will resolve all claims between the two parties.
Sterlite Technologies focuses on manufacturing and selling optical fiber cables. Following the announcement, shares of the company dipped slightly, closing at Rs 131.15, a drop of 0.3 percent on the Bombay Stock Exchange.
The settlement marks a significant step for Sterlite as it addresses legal challenges while continuing its operations in the broadband sector.
Tags: Sterlite Technologies, Data Management Centre, broadband technology, optical fiber cables, company settlement, legal dispute, Singapore International Arbitration Centre.
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What is the reason for Sterlite Tech to pay Rs 4 crore?
Sterlite Tech is paying Rs 4 crore to the Data Management Centre to settle a dispute between the two companies. -
What kind of dispute was there?
The dispute was related to a business agreement or service that did not go as planned, leading to a conflict between Sterlite Tech and the Data Management Centre. -
Is this payment part of a legal settlement?
Yes, this payment is likely part of a legal settlement that helps both companies avoid further legal issues and disputes. -
How will this payment affect Sterlite Tech?
This payment may affect Sterlite Tech’s finances in the short term, but it can help them move forward and focus on their business without ongoing disputes. - What happens now after the payment?
After the payment, Sterlite Tech and the Data Management Centre can put the dispute behind them and continue their operations without legal complications.
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