16th-Apr-2012 16:42Source: BSE

SMS Pharma - Updates

SMS Pharmaceuticals Ltd has informed BSE regarding the Judgment passed in OS No. 323 of 2002 between SMS
Pharmaceuticals Limited [Plaintiff) Vs. NATCO Pharma Limited [Defendant). The court made the following issues out of the Plaint filed by the Plaintiff i.e. SMS Pharmaceuticals Ltd against NATCO Pharma Ltd for Recovery of Rs. 15,62,90,614-87 together with interest on account of;

(1) Raw materials supplied to Defendant

(2) Sales made to Defendant

(3) Payment made to the Creditors of the Defendant (Natco)

(4) DEPB (Duty Entitlement Pass Book) benefits not received from Defendant

(5) Receivable payments for earlier transactions

(6) Reimbursement of TDS amount on conversion of job work.

And accordingly, the Court made the following Order vide its Judgment and Decree dated February 29, 2012

“SUIT IS DECREED IN FAVOUR OF THE PLAINTIFF FOR AN AMOUNT OF Rs. 15,62,90,614-8 7 WITH AN INTEREST 15.5% PER ANNUM FROM THE DATE OF SUIT i.e. October 11, 2002 TILL RLEALIZATION, TOGETHER WITH COSTS OF RS. 78,17,264-00.”

In view of the above Order, M/s.Natco Pharma Ltd., is liable to pay the following amounts to SMS Pharmaceuticals Limited:

1. Suit decreed amount of Rs. 15,62,90,614-87

2. Interest amount @ 15.5% p.a. on 11,14,64,920-71 from the date of Suit i.e. October 11, 2002 till its realization.

3. Costs of Rs. 78,17,264-00.