Time Technoplast settles legal dispute with Aburi, TUV Rheinland (India)

DAMAN | MUMBAI | AHMEDABAD-GANDHINAGAR-RAJKOT – In a regulatory filing submitted to the Indian Stock Exchanges, Daman headquartered Time Technoplast Ltd said of having resolved dispute with Aburi and TUV Rheinland (India) over the supply of composite cylinders.

The statement submitted by the company to the Indian Bourses read that, it may be recalled that Company had a commercial dispute with Aburi Ltd., London, concerning to supply of Composite Cylinders as a result of which Aburi had filed an FIR with Economic Offences Wing (EOW) of Mumbai Police against Company and its Directors together with Senior Officials of TUV Rheinland (India).

Subsequently Aburi confirmed in writing to various agencies including EOW that the complaint had arisen out of some misunderstanding, Aburi went on to withdraw their complaint and confirmed the same in Mumbai Court.

We are pleased to confirm that the Hon’ble Court has been pleased to close this legal complaint / FIR (First Information Report) forthwith and passed an order to this effect and order received by the Company on August 13, 2019.

Likewise, the Company had also filed Arbitration Proceedings in Singapore and Defamation cases against Aburi Ltd. in India.

The Company has been pleased to withdraw the same as well.

It is important to note that the business relationship between Aburi and Time Technoplast are cordial and business dealings already commenced which will be beneficial for both.


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