The agreement with SSW would have included restraints, exclusivity, restrictions etc etc. If they had already signed with anyone else before SSW terminated, then INR would breach the JV agreement and be exposed to potential damages. You can't sign up with another until the original is terminated, and you can't announce something until you have signed. So to make the announcement you want, they would need to be confessing to breaching their agreement. There is no chance, zero, none at all, that there were no restraints within the JV, there always are.
Yes - they should have been prepping for this as it was clear that SSW was in a degree of financial duress so it was always a chance they'd walk away. Planning should have started a little while back, and that now needs to ramp up quickly to implement and execute on that plan (without panicking into a bad deal) - but even if planning/prepping for this, they could not act until termination without exposing the company to considerable risk of loss.
Now, if they hadn't been planning for this, that would be very bad. But we won't know what has been going on behind closed doors and they can't tell us.
INR Price at posting:
13.5¢ Sentiment: Hold Disclosure: Held
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