the countdown begins ....10 days to go

The countdown begins. The end of July is only 11 days away. This is the date that was stated in the announcement on the 9th May 2013 for the "Expected Date of Judgement" .
The announcement stated "Arbitrator expected to announce the Award in July 2013."
The amount claimed that is due by the 31st July 2013 is AUD$12,120,000
ie. (2) $3.38M +(3) $1.04M +(4) $0.27M + (5) $1.63M +(6) $4.6 M + (7) $0.18M + (8) $0.12M +(9) $0.90

The amount indicated in the announcement was a total of

(2) Reduction of Contract Price of INR 1,53,470/- consequent upon reduction in rate of Excise duty

(3) Liquidated Damages

(4) Illegal and Arbitrary deduction made by HCL due to non deduction of TDS

(5) Appointment of Statutory persons under the Mines Act and MMRs is responsibility of HCL

(6) Material escalation

(7) Fixed cost recovery due to Chalan issue.

(8) Recovery on account of small explosive storage

(9) Recovery on account of power outages


Will we see the AUD$12.12M before the end of July, that is the question.

This does not include the amount of $6.5 M currently before the courts.

"Contract Price of MIC quoted as exclusive of taxes but payment being made by HCL inclusive of Taxes (Ref. Work Order Clause 4.9.1)"
Case has been admitted in Supreme Court of India. Admission to this Court continues to raise our expectation of a positive outcome.

The expected date of judgement is September 2013.

What if IRL is awarded all the money that is claimed. ie AUD$18.62 million. That is 10 x the present market cap.

As Reggie says "Happy days"