|₹90.95 / ₹2.07|
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Bombay Wire Ropes Ltd was incorporated in the year January 18, 1961. During the year 2013, Company closed down its wire rope factory situated at Kolshet Road, Thane. During the year under review, the plant and machinery as well as the stocks at the wire rope factory have also been disposed off. The Company has also discontinued its activity of manufacturing wooden furniture in the year under review. The Company, along with its erstwhile developer as a confirming party, had entered into an agreement dated 29th December 2005 with a developer for grant of development rights in the land owned by the Company. The said agreement was thereafter terminated by Company on 2nd November, 2007 on certain grounds and dispute arising thereof was referred to arbitration. The Arbitral Tribunal vide its Award dated 15th June, 2011 had set aside the said termination and directed the Company, as well as confirming party, to execute a conveyance of the property in favour of developer against receipt of balance consideration against the agreement along with interest thereon by the Company as well as the confirming party. Based on expert legal advice, the Company and confirming party had challenged the said award in the Hon'ble High Court of Bombay which had admitted their appeal.