Griffin, Lanco's purchase from an economic interest has terminated its coal supply agreement with Australian company, Perdaman. The agreement according to Lanco was terminated because Perdaman did not achieve all the conditions precedent related to financial closure in the agreement.
However, in an interview to CNBC-TV18 on the latest development, Vikas Rambal, chairman and managing director of Perdaman Chemicals says Griffin's termination of the supply contract is illegal, since the company is 'not entitled to terminate' in the first place. While Griffin has offered a renegotiation time period, Rambal says, "the contract does not stand terminated; hence, there is no point of them giving us enough time." He further clears that the company has received an undertaking from Griffin and Lanco and they will not put any mortgage. "The case now is that this breach becomes part of our damage claim," he adds. Below is an edited transcript of Vikas RambalDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
