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1st-Dec-2020 20:32Source: BSE

UPL - Agrofresh Litigation Update - USA Court Reduces Award From $31 Million To $13 Million In A Major Relief To UPL

UPL is pleased that the District Court in Delaware has substantially reduced the earlier October 2019 jury verdict of $31 million to $13 million by its judgement of November 30, 2020. The court has also vacated a number of jury's determination on key counts. This litigation relates to an ongoing intellectual property litigation regarding TruPick, a 1-MCP product launched by the post-harvest business of UPL in USA in 2016.

UPL has already made a provision for the full $31 million jury award in the FY 2019-20.

UPL is presently considering its options, including potential appeal of any judgment, that arises based on the adverse portions of the jury verdict that remain.

This disclosure is being made under clause 30 of SEBI (LODR), Regulations, 2015.