Moneycontrol Bureau
Shares of Sasken Communication Technologies touched a 6.8-year high on Wednesday, up 7.3 percent on getting royalty payment from Spreadtrum Communications Inc in connection with arbitration award received in July.
Spreadtrum, on September 10, has remitted a further sum of USD 4.126 million to the company in terms of royalty and interest on unpaid royalties, said the company in its filing.
It was an addition to the receipt of second tranche of USD 21.49 million on September 10 and first tranche of USD 7 million from Spreadtrum on August 13.
With this the company has received a total of USD 32.6 million towards the award.
On July 1, Bangalore-based Sasken received arbitration award in its favour in the matter of Spreadtrum Communications Inc. "The award recognised that the agreement between the parties is in full force and as a result, Spreadtrum has been directed to pay USD 31.7 million within 30 days, towards royalties and interest on unpaid royalties," said the company in its filing.
The arbitrator also had directed Spreadtrum to continue to provide royalty reports and pay the contracted royalties on an ongoing basis. In December 2012, Sasken had approached American Arbitration Association's International Centre for Dispute Resolution over non-payment of royalties.
At 10:27 hours IST, the stock was quoting at Rs 339.00, up Rs 10.25, or 3.12 percent on the BSE.
Posted by Sunil Shankar Matkar
Discover 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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
